search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • Product Spotlights
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP
Breaking Flooring News

Home sales back on record pace, NAR reports

August 26, 2002
WASHINGTON -- The market for existing single-family home sales rose in July while mortgage interest rates continued to decline, the National Association of Realtors reported today.

Existing-home sales rose 4.5 percent to a seasonally adjusted annual rate of 5.33 million units in July from an upwardly revised pace of 5.10 million units in June. Last month's sales activity was 0.6 percent above the 5.30-million unit pace in July 2001.

David Lereah, NAR's chief economist, said low interest rates are boosting the housing market.

NAR projects 5.44 million existing-home sales in 2002, up 2.7 percent from last year's record. It also expects a record of 920,000 new-home sales this year, up 1.2 percent from 2001.

Housing inventory levels at the end of July dropped 9.3 percent from June to a total of 2.05 million existing homes available for sale, which represents a 4.6-month supply at the current sales pace; inventories are 2.0 percent higher than July 2001.

Regionally, existing homes in the Midwest were selling at an annual rate of 1.19 million units in July, up 10.2 percent from June; the pace was 2.6 percent higher than July 2001. The median price in the Midwest was $141,200, up 2.6 percent from a year ago.

The existing-home sales pace in the South rose 6.4 percent in July to an annual rate of 2.17 million units, and were 2.4 percent above a year ago. The median price of an existing home in the South was $153,100, which was 9.3 percent higher than July 2001.

Existing-home sales in the Northeast increased 4.9 percent in July to a pace of 640,000 units; the sales rate was 3.0 percent below July 2001. The median existing-home price in the Northeast was $165,700, up 8.1 percent from a year ago.

Home resales in the West slipped 2.9 percent in July to an annual rate of 1.33 million units, and were 2.9 percent lower than a year earlier. The median existing-home price in the West was $213,200, up 11.7 percent from July 2001.

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • resilient flooring

    The 7 Types of Resilient Flooring

    The resilient flooring category is comprised of many...
    Resilient Flooring
    By: Resilient Floorcovering Institute
  • QuickDrain USA’s ShowerLine linear drain

    Tips for Curbless Shower Installation Using a Linear Drain

    Consider these four tips when planning for a curbless...
    Flooring Installation
    By: Darryl Jones
  • 2024 New Flooring Product Guide

    2024 New Flooring Products Guide

    We explore this year's introductions in area rugs,...
    Residential Flooring
    By: FLOOR Trends & Installation Editors
You must login or register in order to post a comment.

Report Abusive Comment

Subscribe For Free!
  • eMagazine
  • eNewsletter
  • Online Registration
  • Manage My Preferences
  • Subscription Customer Service

More Videos

Popular Stories

AHF Products CEO Brent Emore

AHF Products Names Brent Emore CEO

NFM Kansas City Anso Gallery

Nebraska Furniture Mart's Second Anso Gallery Brings Collaborative Retail Model to Kansas City

wenich-mit  iStock  Getty Images Plus  via Getty Images

How Amazon Speed Can Transform Your Flooring Business


Download the Free Moisture Meters Guide

Events

December 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Investing in your Business

What's Your Top Business Investment Priority for 2025?
View Results Poll Archive

Products

2025 BNI Interiors Square Foot Costbook

2025 BNI Interiors Square Foot Costbook

See More Products

FLOORtalk podcasts - Listen Now

Related Articles

  • NAR reports existing home sales hit record pace in August

    See More
  • NAR reports existing condo/co-op sales at record pace

    See More
  • Existing home sales hit record in May, reports NAR

    See More
×

We’re rolling out the red carpet of flooring knowledge!

Stay in the know on the latest flooring retail trends.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing