Industry News

Resale real estate sets second-highest pace

Annualized rate hits 7.2 million units in 4th quarter

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Total existing-home sales, which include single-family, apartment condominium and co-operative sales, rose in 47 states and the District of Columbia in the fourth quarter of 2003 from the same period in 2002, and were at the second-highest pace on record, the National Association of Realtors reported today. NAR's latest report on total existing-home sales showed that nationwide the seasonally adjusted annual rate was 7.2 million units in the fourth quarter, up 9.3 percent from the 6.59 million-unit level in the fourth quarter of 2002. The fourth quarter 2003 mark was second only to a record sales pace of 7.39 million in the third quarter of 2003. The strongest increase was in Wyoming, where the fourth quarter resale pace rose 32.8 percent compared with the fourth quarter of 2002. Nevada existing-home sales rose 32.6 percent from a year earlier, while Alaska posted the third highest increase, up 24 percent. Twenty-five other states also recorded double-digit sales gains from a year ...