Friday, August 13, 2004

New record in real estate resale volume

Realtors association reports major gains in Nevada, Idaho

Total second-quarter sales of existing single-family homes, apartment condos and co-ops were up 16 percent nationwide from the second quarter of last year, setting a new record, the National Association of Realtors reported today.

The seasonally adjusted annual resale rate of home, condo and co-op units reached 7.79 million units in the second quarter of this year, compared with 6.72 million units in the second quarter of 2003. The previous record was 7.36 million units, set in the third quarter of 2003. The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter were maintained for four consecutive quarters. Total home sales include single-family, townhomes, condominiums and co-operative housing. This data differs from the association's monthly statistics on existing-home sales, which are based only on single-family homes (detached and townhomes).

Regionally, the West saw the biggest rise in resale growth a 19.8 percent increase in sales from the second quarter of 2003 to the second quarter of this year. And the South had the highest volume of sales, with 3.2 million units sold in the second quarter of this year for a 17.5 percent gain in sales over last year's second quarter. The Northeast had a 12.6 percent gain in sales of existing units, and Midwest had a 10.1 percent gain from the second quarter of 2003 to the second quarter of 2004.

Read more HERE

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