Resales on Record Pace?

Sales of existing single-family homes may be on track for another record year, as resales jumped 5.6% in April.The National Association of Realtors reported that existing-home sales rose from a seasonally adjusted annual rate of 5.53 million in March to 5.84 million in April. NAR chief economist David Lereah noted that the record low interest rates in March fueled demand for existing homes and that mortgage rates have dropped even lower since then. "This year 2003 may end up being the best year ever in housing," Mr. Lereah told reporters. The NAR is projecting that resales will fall just below the 2002 record of 5.57 million units sold." As we continue to get more and more data like this, we may have to revise that upwards," he said. The NAR reported that sales were up in all four regions of the United States, and the inventory of unsold homes rose to a 5.1-month supply -- the highest level since September 1991. The NAR economist said there is usually a jump in inventories in April, and historically inventories are still lean. The NAR can be found on the Internet at http://realtor.org.