NAR reports existing condo/co-op sales at record pace
Sales of existing condominiums and cooperatives skyrocketed to a new record in the third quarter, according to the National Association of Realtors (NAR). Existing condo and co-op sales jumped 12.9 percent to a seasonally adjusted
annual rate (see note) of 971,000 units in the third quarter from a previous
record 860,000-unit pace in the second quarter. Sales were 18 percent
above the 823,000-unit level of sales activity in the third quarter of 2002.
The median existing condo price was $167,200 in the third quarter, which is
16.6 percent higher than the same quarter in 2002. By comparison, the median-priced existing single-family home was $177,000 in the third quarter, up 10.1 percent from a year ago.