Condo, Co-op Sales Set Another Record

Sales of existing condominiums and cooperatives totaled 824,000 in 2002, a 10.5% increase that set a record for the seventh straight year, according to the National Association of Realtors.Sales of existing condos and co-ops totaled 746,000 in 2001. In the fourth quarter, the seasonally adjusted annual rate for existing condo and co-op sales was 818,000 units, down 0.2% from 820,000 in the third quarter but up 13.8% from 719,000 a year earlier. "Although condo sales account for only 12.9% of total home sales in 2002, growth in this sector has been stronger and more consistent than growth in the single-family housing market," which ran at 5% last year, said NAR chief economist David Lereah. The association also reported that the median existing-condo price rose 11.3% in 2002 to $137,100. The NAR can be found online at http://realtor.org.