OVERLAND PARK, Kan. - The National Auctioneers Association (NAA) reports continued growth for the auction industry with a 5.9 percent third quarter increase as compared to the same point in 2005, translating into $254.4 billion total revenue projected for 2006.

The largest increase came from residential real estate auctions, which grew by 4.5 percent in the third quarter. Increasing use of the auction method of marketing to sell residential real estate has been the subject of widespread media coverage.

"These statistics show that the general public sees the value in selling their property by auction. Buyers and sellers are both turning to the auction method and we foresee this trend continuing to increase," said NAA President William Sheridan, CAI, GPPA, AARE.

In addition, forty-four percent of auctioneers say they have seen an increase in gross sales receipts in the first three quarters of 2006 as compared to the same period last year.

Funded by the National Auctioneers Foundation, the findings were gathered by the global market research firm MORPACE International. The study is commissioned by the NAA to document the growth of the live auction industry.