Condo, Co-op Sales Hold Strong

Sales of existing condominiums and cooperatives slipped to a seasonally adjusted annual rate of 990,000 units in the third quarter, not far below the upwardly revised record rate of 1.01 million set in the second quarter, according to the National Association of Realtors.The condo and co-op resales rate stood at 941,000 in the third quarter of 2003. "We've seen an incredible pace of existing condo and co-op sales over the last six months, but we're also seeing some exceptional price appreciation," said NAR chief economist David Lereah. "In fact, the median condo price has been rising at more than double the rate of single-family home prices." The association also reported that the median existing-condo price was $197,000 in the third quarter, up 18% from that of a year earlier. The NAR can be found online at http://realtor.org.