Home sales rise as prices fall in third quarter

More people took advantage of real estate being a buyer's market in the third quarter, as a new report indicates sales increased in a majority of states.

According to the National Association of Realtors, sales rose in every state when comparing the third quarter of this year with the same time period in 2010.

Meanwhile, single-family home prices fell in 111 of the 150 metropolitan areas surveyed. The national median for home prices was $169,500 between July and September, down nearly 5 percent on a quarter over quarter basis.

"Housing affordability conditions have been at a record high this year, rents are rising and homes are selling for less than the cost of construction in most of the country," said Ron Phipps, president of the NAR. "For people with secure jobs, good credit and long-term plans, today's conditions will be remembered as a golden opportunity to enter the housing market."

Unfairly reported notations on credit reports can make the mortgage application process harder than it needs to be. Home buyers should be watchful of any such discrepancies in order to avoid unnecessary delays.