Industry News

Existing-home sales at second-highest level on record

Arizona, West Virginia and North Carolina post major increases

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The strongest year-to-year increase in existing-home sales activity for the third quarter was in Arizona, where the third-quarter resale pace was 20.3 percent above third-quarter 2003, the National Association of Realtors reported today. Next came West Virginia, which rose 17.9 percent from a year ago. North Carolina posted the third-strongest increase, up 17.5 percent from last year's third-quarter rate. Meanwhile, total existing-home sales dropped 11.3 percent from third-quarter 2003 to third-quarter 2004, and dropped 7.2 percent in Michigan, 5.6 percent in Washington, D.C., 3.6 percent in Louisiana, and 3.5 percent in California and North Dakota. A year-over-year third-quarter drop in the number of existing-home sales was also reported in Florida, Hawaii, Idaho, Indiana, Minnesota and Missouri. Total state existing-home sales activity in the third quarter was at the second-highest pace on record, with 36 states posting increases from a year ago, the association reported. The NA...