Industry News

Existing-home sales set new record in 2004

National median price rises to $184,100

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There were 6.68 million existing-home sales in 2004 – a new annual record for the fourth time in as many years, the National Association of Realtors announced today. Home sales in 2004 were up 9.4 percent from 6.1 million in 2003. The association began tracking the sales series in 1968. For all of 2004, the median price was $184,100, up 8.3 percent from a median of $170,000 in 2003. This is the strongest annual increase since 1980 when the median price rose 11.7 percent. Existing-home sales slipped 3.3 percent in December to a seasonally adjusted annual rate of 6.69 million units from a downwardly revised level of 6.92 million units in November, which was tied with June 2004 for the highest on record. The seasonally adjusted annual rate projects a monthly sales total over a 12-month period. December sales activity was 5 percent higher than the 6.37-million unit level in December 2003 and was the sixth-highest monthly pace on record. David Lereah, chief economist for the nati...