NAR: Homebuyers Getting a Break

Conditions improved for homebuyers in the third quarter as the resale prices of single-family homes experienced corrections in many metropolitan statistical areas, according to the National Association of Realtors.The NAR's quarterly metro area home price report indicates that 102 of 148 MSAs had increases in median existing-home prices, including 21 with double-digit annual increases, while 45 MSAs experienced price declines. The NAR also reported that the national median resale price stood at $224,900 in the third quarter, down 1.2% from $227,600 a year earlier. "Last year we had a record sales market and historically tight supplies of homes, with buyers bidding over the asking price," NAR chief economist David Lereah said. "With the market in full transition, buyers now have choices and sellers are more willing to negotiate. Under these circumstances, it's no surprise that overall home prices are slightly below [those of] a year ago." The NAR can be found on the Web at http:/www./realtor.org.