1Q Resales Break Record

Total existing-home sales -- including condominiums and co-operatives -- set a new record in the first quarter, reaching a seasonally adjusted annual rate of 6.68 million, according to the National Association of Realtors.Resales in the first quarter rose in 34 states from levels recorded a year earlier, and in 14 of those states the sales were up by double-digit rates, the NAR reported. The record resales rate of 6.68 million units was 2.2% higher than the 6.54 million rate recorded a year earlier. The previous record, a seasonally adjusted annual rate of 6.59 million resales, was set in the fourth quarter of 2002. The biggest year-over-year gains were recorded in Nevada, where the resale rate was up 28.5%; Hawaii, up 28.2%; and South Dakota, up 20.1%. The NAR can be found on the Internet at http://realtor.org.