Industry News

Condo median resale prices leap 17%

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Sales of existing condominiums and cooperatives hit a ninth consecutive annual record in 2004, and median existing condo prices were up 17 percent, the National Association of Realtors reported this week. The pace of sales activity in the fourth quarter eased but remained the third highest quarter on record. There were 970,000 existing condo and co-op sales last year, up 8 percent from the previous record of 898,000 units in 2003. The sales pace slipped 3 percent in the fourth quarter to a seasonally adjusted annual rate of 972,000 units from a 1 million-unit pace in the third quarter. The seasonally adjusted annual rate projects a monthly sales total over a 12-month period. Sales were 3.4 percent above the 940,000-unit rate of sales activity in the fourth quarter of 2003; quarterly records were set in the second and third quarters of 2004. David Lereah, chief economist for the association, said, "The condo market has clearly matured over the last decade, accounting for a market s...