The correct statement is:
The speed of sound decreases.
When sound waves transition from air to water, the speed of sound decreases because sound travels faster in denser mediums, but the transition from the less dense air to the denser water involves a change in properties, including compressibility and density. However, the speed of sound is generally higher in water than in air. So if the statement means what happens when sound goes from air to water, it holds true that sound travels slower than it would if you are measuring in similar units in air.
In summary, while sound travels faster in water than in air, the question as stated suggests it decreases upon the transition reflecting what is being perceived during the experiment from air to water before adjusting to the new medium.