Buyer are still hesitating on whether to enter to market, but the National Association of Realtors estimates "the impact of the stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package."

The NAR also reported on regional existing home sales figures, noting that the biggest drop in January was seen in the Northeast, dropping 14.7 percent. The only region not seeing a drop was the West -- where the rate was unchanged.

The Midwest and South both saw a 5.7 percent decline.

Median prices were down across the board.