New record for total state existing-home sales, NAR reports

Low mortgage interest rates and a strong underlying demand for housing drove total state existing-home sales to a new record in the first quarter of 2003. Thirty-four states experienced sales increases in comparison with the first quarter of 2002, according to the National Association of Realtors.

NAR's latest report on sales of previously owned single-family homes, condominiums and co-operatives showed that total sales rose by double-digit rates in 14 states in the first quarter of this year compared to the same quarter in 2002. Fourteen states and the District of Columbia reported generally modest declines in the annual rate of sales activity from a year ago.