NAR: 3Q Resales Set Another Record

Total existing-home sales set another record in the third quarter, rising in 44 states and the District of Columbia from the levels recorded a year earlier, according to the National Association of Realtors.The seasonally adjusted annual resales rate was 7.24 million units in the third quarter, up 6.5% from 6.80 million in the third quarter of 2004. "We're fairly confident that third-quarter home sales will prove to be the high point of the five-year housing boom," said NAR chief economist David Lereah. The biggest year-over-year gains were recorded in Arkansas, where the resale rate was up 32.1%; Utah, up 26.6%; and Washington state, up 20.0%. The NAR can be found online at http://realtor.org.