Industry News

Real estate sales drop in nearly half of states

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Existing-home sales, including single-family and condo, were at the third-highest pace on record in the fourth quarter of 2005, the National Association of Realtors reported today, though 23 states and the District of Columbia posted declines in sales. The latest report on total existing-home sales shows that nationwide the seasonally adjusted annual rate was 6.9 million units in the fourth quarter, up 0.3 percent from the 6.88 million-unit level in the fourth quarter of 2004 but 4.7 percent below the record pace of 7.24 million units in the third quarter of last year. The second-highest sales rate was 7.22 million in the second quarter of 2005. The seasonally adjusted annual rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal variations in sales. The strongest performance was in Arkansas, where the fourth-quarter resale pace jumped 29.8 percent compared with the fourth quarter of 2004, the association reported. Alaska existing-home sales rose ...