Resales Set Record in '02

Existing-home sales rose 5.2% in December to cap a record sales year in which home prices appreciated at the highest rate since 1980.The National Association of Realtors reported that sales of existing single-family homes totaled 5.56 million last year, beating the previous record of 5.30 million in 2001. On a monthly basis, resales rose from a seasonally adjusted annual rate of 5.57 million in November to a 5.86 million rate in December. NAR chief economist David Lereah said the housing sector remains very healthy and that he expects 2003 to be probably the "second-best year ever." For all of 2002, the national median existing-home price rose 7.1% to $159,300, compared with $147,800 in 2001. In December, the median sales price was $164,00. The NAR can be found on the Web at http://realtor.org.