Industry News

U.S. real estate sales shatter quarterly record

West, Midwest post modest gains

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Total existing-home sales, which include single-family and condos, set a new record in the second quarter, with 42 states showing higher sales than in second-quarter 2004, the National Association of Realtors trade group reported today. In the latest report on total existing-home sales, the national seasonally adjusted annual rate was 7.22 million units in the second quarter, up 4.6 percent from the previous record of 6.9 million in second-quarter 2004. Total home sales include single family, town homes, condominiums and co-operative housing. 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 sales pace for that quarter was maintained for four consecutive quarters, the association noted. NAR began tracking the state sales series in 1981. Seasonally adjusted rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, sales volume normally ...