Condo, Co-op Sales Set Record

Sales of existing condominiums and cooperatives set a record in the second quarter with a seasonally adjusted annual rate of 996,000, the first time the condo and co-op resales rate has neared the one-million mark, according to the National Association of Realtors.The condo and co-op resales rate in the first quarter was 934,000, and in the second quarter of 2003 the rate stood at 863,000. "First-time homebuyers and baby boomers, the 'bookends' of the housing market, are driving condo sales," said NAR chief economist David Lereah. "While affordability is a factor for entry-level buyers, changing lifestyles are a major reason that condos are a bigger market share today than in years past." The association also reported that the median existing-condo price was $189,400 in the second quarter, up 12.1% from that of a year earlier. The NAR can be found online at http://realtor.org.