NAR: Home Price Gains Strong in 3Q

House prices posted strong gains in most metropolitan statistical areas in the third quarter, according to the National Association of Realtors.The NAR's metro area home price report indicates that 69 of the 147 surveyed MSAs had double-digit 12-month increases in median existing-home prices. The NAR also reported that the national median single-family resale price rose to $215,900 in the third quarter, up 14.7% from $188,200 a year earlier. "These historically high home price gains are the simple result of more buyers than sellers in the market," said NAR chief economist David Lereah. "The good news is that inventory levels are improving, and housing supply will come close to buyer demand in 2006. In other words, we expect a healthy and more balanced market next year." The NAR can be found online at http://www.realtor.org.