Although a recent report indicates a 31 percent increase in home sales from last quarter, the report’s author Jonathan Miller said it may not be time to bring out the champagne just yet.

There are still a number of major issues that need to be tackled, according to the Miller, president and CEO of Miller Samuel Real Estate Appraisers, which issued the Third Quarter 2009 Prudential Douglas Elliman Queens Market Overview.

The report, released in mid-October, showed the second quarter spring market, usually the biggest real estate season, was pushed back three months and occurred in the summer months. Miller attributes this phenomenon to increased buyer confidence due to a “perfect storm” of stock market stabilization, low interest rates and increased affordability.

From Q2 to Q3 there was a 31 percent increase in the number of sales from 2,789 from 2,129 in the previous quarter. Typically, from quarter to quarter, there will only be a change of a few percentage points, Miller said.

Although the change is positive from last quarter, it is still 13.1 percent below the number of sales last year.

Miller said he does not anticipate the percentage jump as the beginning of a trend but rather a release of pent up demand in wake of the credit crisis.

“I think what we’ve seen over the summer is turning the corner as opposed to finding the bottom,” Miller said.

He said he does not believe the results should encourage false hope, as substantial macroeconomic issues remain such as a perpetual rise in unemployment numbers and a highly restrictive credit environment. Also, classically the fourth quarter tends to be the weakest each year.

“The trick is for the buyers and sellers to be on the same page,” Miller said. “What you have is sellers living in the past and buyers trying to get homes for close to nothing.”

He said the numbers reflect progress but the real estate industry has a long road ahead.

“Buyers and sellers are still disconnected,” Miller said. “It’s improved but there still a ways to go.”

Reach Reporter Kaitlyn Kilmetis at kkilmetis@queenstribune.com, or (718) 357-7400, Ext. 128.