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Today, the National Association of Realtors® released its 3rd Quarter Metro Home Prices Report. Some of the highlights include:

• The median existing single-family home price rose in 120 out of 149 metropolitan statistical areas based on closings in the third quarter compared with same quarter in 2011
• 29 areas had price declines. In the second quarter 110 areas showed increases from a year earlier, while in the third quarter of 2011 only 39 metros were up.
• The national median existing single-family home price was $186,100 in the third quarter, up 7.6 percent from $173,000 in the third quarter of 2011.
• Foreclosures and short sales which generally sell at deep discounts – accounted for 23 percent of second quarter sales, down from 30 percent a year ago.
• Total existing-home sales, including single-family and condo, rose 3.2 percent to a seasonally adjusted annual rate of 4.68 million in the third quarter from 4.54 million in the second quarter, and were 10.3 percent higher than the 4.25 million pace during the third quarter of 2011.
• At the end of the third quarter 2.32 million existing homes were available for sale, which is 20.0 percent below the close of the third quarter of 2011 when 2.90 million homes were on the market.

NAR President Moe Veissi states:

“Historically low mortgage interest rates are encouraging many buyers who were on the sidelines,” he said. “Sales this year are notably higher than the levels seen in 2008 through 2011, so we’re clearly in a recovery phase with rising sales, declining inventory and rising prices. Of course the recovery would be stronger and more stable if we could return to safe but sensible mortgage underwriting standards.”

Regional highlights are as follows:

Regionally, existing-home sales in the Northeast increased 1.7 percent in the third quarter and are 9.8 percent above the third quarter of 2011. The median existing single-family home price in the Northeast slipped 0.3 percent to $246,900 in the third quarter from a year ago.

In the Midwest, existing-home sales rose 5.2 percent in the third quarter and are 17.8 percent higher than a year ago. The median existing single-family home price in the Midwest increased 4.2 percent to $151,100 in the third quarter from the same quarter in 2011.

Existing-home sales in the South increased 5.4 percent in the third quarter and are 11.7 percent above the third quarter of 2011. The regional median existing single-family home price rose 5.7 percent to $165,400 in the third quarter from a year earlier.

In the West, existing-home sales slipped 1.2 percent in the third quarter due to limited supplies, but are 2.1 percent higher than a year ago. With the tight inventory, the median existing single-family home price in the West surged 20.2 percent to $247,400 in the third quarter from the third quarter of 2011.

In Naples, pending home sales increased in 3rd quarter by 12 % according to the Naples Area Board of REALTORS (NABOR). Those highlights include:

• Pending Sales: Increased17% overall with a 50% increase in the $1M-2M, 40% increase in the $300-$500K and a 37% increase in the $50 categories from 3Q 2011-3Q2012
• Closed Sales: Increased 2% 3Q 2011 – 3Q 2012 with a 67% increase in the $1M-$2M category and a 44% increase in the $500K-$1M categories 3Q 2011- 3Q 2012
• Median Closed Price: decreased 1% overall and increased 16% in the $1M-$2M category 3Q 2011 – 3Q 2012
• Inventory: Decreased 12% 3Q 2011 – 3Q 2012
• Average DOM: Increased 4% overall and decreased 46% in the $2M category 3Q 2011 – 3Q 2012
• South Naples area Pending Sales increased 20% and both Naples Beach and North Naples increased 16% from 3Q 2011 – 2Q 2012

Click HERE to see the full NABOR Q3 report!

For more information, please contact your John R. Wood Agent today!

John R. Wood Realtors Naples Florida