NAR: Home Prices Strong in 3Q

The median prices of existing homes rose at double-digit rates for more than a third of surveyed metropolitan areas in the third quarter, the National Association of Realtors has reported.The association's metro area home price report for the third quarter found that 45 of the 127 areas surveyed experienced double-digit annual increases in median resale prices. "Nationally, the annual rate of price growth is slower than in the second quarter, and that is good for long-term gains in the market," said NAR chief economist David Lereah. "Home prices are still rising faster than historic norms because we continue to have more buyers than sellers. However, those conditions vary widely, with the greatest pressure on home prices in California and Florida." The top rates of year-over-year increases in median resale prices were in Las Vegas, where the median price was up 53.7%, to $283,200, "the highest rate of price growth ever measured in any metropolitan area"; Bradenton, Fla., up 40.7%, to $248,000; and the Riverside-San Bernardino area of California, up 36.2% to $311,700. The NAR can be found online at http://realtor.org.