NAR Report: Existing home sales still setting records; W. Va. leads with 21.7 percent increase in sales
The national seasonally adjusted annual rate was up 4.6 percent in the second quarter compared to last year, for a total of 7.22 million units sold in the second quarter. Last year's sales were 6.9 million units.
West Virginia showed the strongest increase, rising 21.7 percent over the second quarter of 2004. Washington sales increased 19.8 percent, while Vermont sales increased 19.6 percent. Seven other states recorded double-digit increases.
Regionally, the Northeast reported the strongest annual increase, rising 7.5 percent to 1.21 million units. After Vermont, Connecticut experienced the strongest increase in the region, rising 14.7 percent, while New York sales grew by 6.8 percent.
The South recorded existing home sales of 2.73 million units in the second quarter, up 6.3 percent. After West Virginia, Arkansas (up 15.8 percent) led the South in sales, followed by South Carolina (14.4 percent) and Alabama (14.0 percent).
In the West, existing home sales rose 1.8 percent to 1.66 million units in the second quarter. After Washington, the next highest increase in the region was in Montana, where total existing-home sales rose 13.9 percent. Wyoming sales activity went up by 13.7 percent, while Utah sales increased 9.7 percent.
In the Midwest, total existing home sales in the second quarter increased 1.6 percent to 1.62 million units. North Dakota led the region, up 7.5 percent, followed by Iowa, which rose 6.2 percent, and Indiana, with an increase of 6.1 percent.