Condo, Co-op Sales Set Record

Sales of existing condominiums and cooperatives reached a record seasonally adjusted annual rate of 861,000 in the second quarter, up 4.7% from 822,000 a year earlier, according to the National Association of Realtors.The rate was 828,000 in the first quarter. The previous record was an annual rate of 829,000 units in the fourth quarter of 2002. "The pace of condo sales during the first half of this year is unprecedented, and we should easily set an annual record for 2003," said NAR chief economist David Lereah. "In fact, this will be the eighth consecutive year in which condo and co-op sales set a record, with low interest rates stimulating all sectors of the market." The association also reported that the median existing-condo price was $163,500 in the second quarter, up 15.1% from that of a year earlier. The NAR can be found online at http://realtor.org.