While the housing market limps along, the national median existing single-family home price fell 4.7 percent to $169,500 in the third quarter from $177,800 in the third quarter of 2010. During the same period, however, sales were up in every state compared with the same period a year ago.
Over the past year, the median existing single-family home price rose in 39 out of 150 metropolitan statistical areas; 111 areas showed price declines.
While home sales slipped 0.1 percent to 4.880 million in the third quarter from 4.883 million in the second quarter, they were 17.0 percent higher than the 4.170 million pace set 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.
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."
Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said sales should be higher given the buying power in today's market. "Housing affordability conditions have been at a record high this year, rents are rising and homes are selling for less than the cost of construction in most of the country," he said.
