Industry News

Condo, co-op sales break record

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Sales of existing condominiums and co-ops flirted with the 1 million mark in the second quarter of this year, setting a new record, the National Association of Realtors reported today. Preliminary seasonally adjusted sales statistics show 996,000 condos and co-ops were sold from April through June across the nation, which compares to the revised seasonally adjusted rate of 934,000 for the first quarter of the year – a gain of 6.6 percent. And second-quarter sales activity was 15.4 percent above the 863,000-unit sales level during the second quarter of 2003. In 1993, condo and co-op sales accounted for 9.6 percent of the total of all existing-home sales. Last year, condos commanded a 12.8 percent market share – a 33.3 percent rise in the portion of sales over the last decade, the association reported. David Lereah, chief economist for the association, said, "First-time buyers and baby boomers, the 'bookends' of the housing market, are driving condo sales. While affordab...