Condo, Co-op Sales Set Record

Sales of existing condominiums and cooperatives reached a record seasonally adjusted annual rate of 846,000 in the first quarter, up 3.4% from 818,000 a year earlier, according to the National Association of Realtors.The rate was 820,000 in the fourth quarter. The previous record was an annual rate of 824,000 units in the second quarter of 2002. "Younger households, including children of the baby boom generation, are taking advantage of low interest rates and getting into the housing market, while many of their parents' generation are seeking simpler lifestyles," said NAR chief economist David Lereah. "Lower-end and more affordable condo units are attractive to first-time buyers, especially in high-cost markets, while luxury units are meeting the preferences of wealthier households that are closer to retirement." The association also reported that the median existing-condo price was $150,700 in the first quarter, up 12.5% from that of a year earlier. The NAR can be found online at http://realtor.org.