BOSTON -- Home prices in Massachusetts saw the biggest drop last month since the early 1990s housing crisis, according to a report issued Monday.

The median price of single-family homes in Massachusetts fell more than 10 percent in March, The Warren Group found. It is the second steepest drop since the company began tracking home sale prices in 1987.

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"It might be a while before we pull out of the current housing slump,” said Timothy Warren Jr., CEO of The Warren Group.

There were 2,339 single-family homes sold in March, a 32.3 percent decrease from the 3,456 homes sold the same time last year, according to a separate report from the Massachusetts Association of Realtors.

"The Bay State’s housing market is looking a lot like it did at the end of 1990, when December prices fell 11 percent compared to the same month the year before,” said Warren.

The median price of single-family homes fell 10.6 percent from $340,000 in March 2007 to $304,000 last month.

“Foreclosures are still running rampant and causing a glut of homes to hit the market,” Warren said. “To top that off, news of the economy has not been good, and potential homebuyers are gun-shy."

Single-family homes stayed on the market an average of 162 days in March 2008 compared to an average of 158 days in March 2007.

Condominium prices in Massachusetts fared better. During the first quarter, the average price of a condo fell 3.8 percent, from $274,950 to $264,500.