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Home builders are deeply lowering prices to sell houses quickly, according to market research from Bright Future Business Consultants.

The median new home sold for $241,020 in April, down 9.5 percent from $266,265 a year ago — "the largest decrease in any price on a monthly basis in recent history," said analyst John Strobeck.

"But it's a good decrease," he added. "That's reflecting the current market much better and it'll help move the product that's out there."

The glut in inventory caused builders to pull in their reins, decrease overhead and cut speculative building.

Permit volume, "while not disastrous, is much slower, and that has really caused home builders to have a tough year," he said. "The demand for housing is much less compared to two years ago," when builders took out almost 12,000 permits, "and we're paying for it now."

Prices on resale housing also dropped slightly. The median price of resale homes was $210,000, down about 1 percent from $212,450 a year ago.

Prices likely will continue to decrease because they are inflated, Strobeck said. There are around 10,000 homes in the resale market now, about twice the normal number, he added.