Industry News

Condo, co-op real estate prices climb in South

Third-quarter sales down from second-quarter but up from 2003

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Sales of existing condominiums and cooperatives held at the second highest pace on record during the third quarter, according to the National Association of Realtors. Existing condo and co-op sales slipped 2 percent to a seasonally adjusted annual rate of 990,000 units in the third quarter from an upwardly revised record pace of 1.01 million units in the second quarter. Sales were 5.2 percent above the 941,000-unit level of sales activity 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 resale pace for that quarter were maintained for four consecutive quarters. David Lereah, chief economist for the association, said condo sales will easily set a record this year. "We've seen an incredible pace of existing condo and co-op sales over the last six months, but we're also seeing some exceptional price appreciation," he said. "In fact, the median condo price has ...