NAR: Existing Home Sales Up, Prices Down

Washington, DC, Nov. 11, 2011 -- Metro area median existing-home prices in the third quarter generally were down from a year ago, while sales rose in every state from the third quarter of 2010, according to the latest quarterly report by the National Association of Realtors.

The median existing single-family home price rose in 39 out of 150 metropolitan statistical areas1 in the third quarter from a year earlier; 111 areas showed price declines. In the second quarter, 41 metro areas had posted annual price gains.

Lawrence Yun, NAR chief economist, said the market is holding fairly even. “Home sales need to recover first – only then can prices stabilize. Existing-home sales are little changed from the second quarter but are notably higher than a year ago,” he said. “The good news is inventory levels have been trending gradually down.”

Total state existing-home sales, including single-family and condo, slipped 0.1 percent to a seasonally adjusted annual rate of 4.880 million in the third quarter from 4.883 million in the second quarter, but were 17.0 percent higher than the 4.170 million pace during the third quarter of 2010. Every state and the District of Columbia saw sales rise from a year ago, with 45 states posting double-digit gains.

The national median existing single-family home price was $169,500 in the third quarter, down 4.7 percent from $177,800 in the third quarter of 2010.

NAR’s Housing Affordability Index stood at 183.8 in the third quarter, the second highest on record after the first quarter of 2011.