Industry News

Condo sales break annual record

Last year's 898,000-unit pace jumped 9.5% from previous year

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Sales of existing condominiums and cooperatives surged to another annual record in 2003, while the pace of sales activity in the fourth quarter was the second highest on record, according to the National Association of Realtors. There was a total of 898,000 existing condo and co-op sales last year, up 9.5 percent from the previous record of 820,000 units in 2002. The sales pace dropped 5.8 percent in the fourth quarter to a seasonally adjusted annual rate of 914,000 units from a record 970,000-unit pace in the third quarter. Sales remained 10.3 percent above the 829,000-unit level of sales activity in the fourth quarter of 2002. David Lereah, NAR's chief economist, said this marks the eighth consecutive annual record for the condo and co-op market. "The growth of condo sales since 1995 is unprecedented and reflects a new level of demand in the market," he said. "The easing we saw in the fourth quarter was expected after a record spike in the third quarter, but sales remains except...