Home sales rose in all 50 states and Washington, D.C., in the third quarter, though median prices fell in the vast majority of metropolitan areas covered by the National Association of REALTORS® in its latest quarterly report.
Of 150 metro areas, 111 (74 percent) saw the median sales price of existing single-family homes decline in third-quarter 2011 compared to third-quarter 2010. The remaining 39 metros saw price gains.
Nationally, the median sales price fell 4.7 percent year over year, to $169,500 — a steeper annual decline than that seen in the second quarter (down 2.8 percent). In its latest forecast, NAR expects median existing-home prices to decline 4 percent this year compared to 2010.
The trade group also expects existing-home sales to increase by 1 percent this year to a seasonally adjusted annual rate of 4.955 million.
Total U.S. existing-home sales — which include single-family homes, condominiums and co-ops — rose to a seasonally adjusted annual rate of 4.88 million in the third quarter.
That’s a 17 percent jump compared to third-quarter 2010, when sales tumbled following the expiration of a federal homebuyer tax credit program. Sales remained essentially flat compared to the second quarter.
Distressed homes, typically sold at a discount compared to traditional homes, accounted for 30 percent of sales in the third quarter, down from 34 percent in third-quarter 2010, the report said. First-timers made up 32 percent of buyers, down from 34 percent at the same time a year ago.
Cash buyers and investors accounted for about the same share of purchases as in third-quarter 2010: 29 percent and 19 percent, respectively.
Regionally, the Midwest saw the biggest annual jump in sales, up 25.1 percent to an annual level of 1.08 million. Of the 10 states with the largest year-over-year increases in sales in the third quarter, half are in the Midwest.
| State | Q3 2010 | Q3 2011 | % Chg. |
| NORTH DAKOTA | 9,200 | 12,800 | 39.1% |
| UTAH | 22,000 | 30,400 | 38.2% |
| NEBRASKA | 24,400 | 33,200 | 36.1% |
| IDAHO | 28,400 | 38,000 | 33.8% |
| IOWA | 40,000 | 53,200 | 33.0% |
| WISCONSIN | 59,600 | 77,200 | 29.5% |
| DELAWARE | 8,400 | 10,800 | 28.6% |
| VERMONT | 8,400 | 10,800 | 28.6% |
| OKLAHOMA | 58,800 | 74,800 | 27.2% |
| SOUTH DAKOTA | 12,000 | 15,200 | 26.7% |
Source: National Association of Realtors.
The region’s median sales price fell 2.2 percent year over year to $142,300 — tied with the South for the smallest regional decrease. Of the 10 metro areas with the highest price increases, six are in the Midwest.
| Metro area | Q3 2010 | Q3 2011 | % Chg. |
| Grand Rapids, Mich. | $89,900 | $111,200 | 23.7% |
| South Bend-Mishawaka, Ind. | $79,100 | $94,800 | 19.8% |
| Palm Bay-Melbourne-Titusville, Fla. | $93,100 | $109,600 | 17.7% |
| Youngstown-Warren-Boardman, Ohio-Pa. | $60,400 | $68,300 | 13.1% |
| Green Bay, Wis. | $120,500 | $135,700 | 12.6% |
| Canton-Massillon, Ohio | $79,500 | $88,700 | 11.6% |
| Peoria, Ill. | $119,400 | $132,600 | 11.1% |
| Binghamton, N.Y. | $109,000 | $120,500 | 10.6% |
| Jackson, Miss. | $129,500 | $139,400 | 7.6% |
| Spartanburg, S.C. | $115,500 | $124,100 | 7.4% |
Note: Data for third-quarter 2011 is preliminary.
Source: National Association of Realtors.
In the South, sales rose 15.5 percent to 1.89 million. Of the 10 areas to see the smallest increases in sales, half are in the South, including Washington, D.C.
| State | Q3 2010 | Q3 2011 | % Chg. |
| VIRGINIA | 102,400 | 106,000 | 3.5% |
| Washington, D.C. | 8,000 | 8,400 | 5.0% |
| HAWAII | 18,800 | 20,000 | 6.4% |
| CALIFORNIA | 442,800 | 475,600 | 7.4% |
| CONNECTICUT | 38,000 | 40,800 | 7.4% |
| WEST VIRGINIA | 24,800 | 27,200 | 9.7% |
| MARYLAND | 64,000 | 70,400 | 10.0% |
| FLORIDA | 348,800 | 385,600 | 10.6% |
| WYOMING | 7,200 | 8,000 | 11.1% |
| MASSACHUSETTS | 86,000 | 96,400 | 12.1% |
Source: National Association of Realtors.
The South’s median sales price declined by 2.2 percent to $153,200.
Sales in the West increased 16.7 percent to 1.14 million. The region saw the biggest median price drop, 9 percent.
Of the 14 metro areas to see double-digit price declines, six are in the South and five are in the West.
| Metro area | Q3 2010 | Q3 2011 | % Chg. |
| Mobile, Ala. | $120,000 | $98,800 | -17.7% |
| Phoenix-Mesa-Scottsdale, Ariz. | $138,000 | $113,700 | -17.6% |
| Allentown-Bethlehem-Easton, Pa.-N.J. | $234,900 | $193,800 | -17.5% |
| Salt Lake City | $215,600 | $182,600 | -15.3% |
| Gulfport-Biloxi, Miss. | $118,100 | $103,100 | -12.7% |
| Miami-Fort Lauderdale-Miami Beach, Fla. | $214,800 | $187,600 | -12.7% |
| Rockford, Ill. | $110,700 | $96,900 | -12.5% |
| Virginia Beach-Norfolk-Newport News, Va.-N.C. | $215,000 | $190,000 | -11.6% |
| Tucson, Ariz. | $148,100 | $131,100 | -11.5% |
| Akron, Ohio | $105,700 | $93,600 | -11.4% |
| Hagerstown-Martinsburg, Md.-W.Va. | $143,800 | $127,700 | -11.2% |
| Las Vegas-Paradise, Nev. | $138,100 | $122,700 | -11.2% |
| Atlanta-Sandy Springs-Marietta, Ga. | $113,500 | $101,900 | -10.2% |
| San Francisco-Oakland-Fremont, Calif. | $547,500 | $491,900 | -10.2% |
Note: Data for third-quarter 2011 is preliminary.
Source: National Association of Realtors.
Sales in the Northeast saw the smallest increase, 11.6 percent, to an annual rate of 770,000. The region saw its median price drop 6.5 percent to $236,700.
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