Condo, Co-op Sales Dip

Sales of existing condominiums and cooperatives dipped slightly to a seasonally adjusted annual rate of 937,000 in the first quarter, still not far below the record rate of 941,000 set in the third quarter of last year, according to the National Association of Realtors.The condo and co-op resales rate in the fourth quarter was an upwardly revised 940,000, and in the first quarter of 2003 the rate stood at 843,000. "Mortgage interest rates were at the second-lowest level on record in the first quarter, so it should come as no surprise that we see condo sales within a fraction of a percentage point of a record," said NAR chief economist David Lereah. "Couple this with a demographic push at both ends of the market, along with an improving economy, and you have a powerful combination for an exceptional condo market." The association also reported that the median existing-condo price was $173,300 in the first quarter, up 14.5% from that of a year earlier. The NAR can be found online at http://realtor.org.