Sales of existing condominiums and cooperatives were at the second highest pace on record during the third quarter, according to a recent NAR report. While existing condo and co-up sales decreased 2.0 percent to a seasonally adjusted annual rate of 990,000 units, sales were 5.2 percent above the 941,000-unit level of sales activity in third quarter 2003. The median existing condo price was $197,000 in the third quarter, 18.0 percent higher than the same quarter in 2003. By comparison, the median-priced existing single-family home was $188,500 in the third quarter, up 7.7 percent from a year ago.
In the West, existing condo and co-op sales declined 3.7 percent from second quarter to an annual rate of 258,000 units in the third quarter, but sales were 3.2 percent higher than one year ago. The median price in the West was $244,400, up 20.5 percent from the third quarter of 2003.