NAR median home prices on existing homes fell in 3Q

The median price on existing home sales fell in most of the 150 metropolitan areas surveyed by the National Association of Realtors in the third quarter. Home prices on single-family homes rose in 39 of the 150 metro statistical areas surveyed, while 111 metro areas reported price declines. That compares to the second quarter when 41 metro areas posted annual price gains, NAR said. Lawrence Yun, NAR’s chief economist, said, “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. The good news is inventory levels have been trending gradually down.” Total existing home sales fell 0.1% to a seasonally-adjusted annual rate of 4.880 million in the third quarter, compared to 4.883 million in the second quarter.  Still, existing home sales are 17% above the pace of  4.170 million set a year ago. Compared to a year earlier, every state and the District of Columbia saw sales rise from 2010 levels with 45 states posting double-digit gains. The national median existing single-family home price hit $169,500 in the third quarter. That is down 4.7% from $177,800 in the third quarter of 2010. Write to Kerri Panchuk.