Industry News

Existing-home sales set quarterly record

NAR economist says 3Q may be peak for real estate boom

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Total state existing-home sales set a record in the third quarter, with 44 states and the District of Columbia showing higher sales compared to a year ago, the National Association of Realtors reported today. NAR's quarterly report on total existing-home sales, which include single-family and condos, shows that the national seasonally adjusted annual rate was 7.24 million units in the third quarter, up 6.5 percent from 6.8 million in the third quarter of 2004. The previous record was 7.22 million units in the second quarter of this year. The seasonally adjusted annual rate projects a quarterly total for a full year, accounting for seasonal variations in resale activity. Total home sales include single-family, townhomes, condominiums and co-operative housing. NAR began tracking state sales information in 1981. The strongest increase was in Arkansas, where the third-quarter sales activity rose 32.1 percent compared to the third quarter of 2004, the association reported. Utah existin...