Third-quarter home sales strong

Total existing-home sales activity in the third quarter of 2002 was the third-highest on record, with 34 states and the District of Columbia posting increases from a year ago, according to the National Assn. of Realtors.

The association’s survey showed that nationwide, the seasonally adjusted annual rate of existing single-family, condominium and co-operative home sales totaled 6.21 million units in the third quarter of this year, up 2.5% from the 6.07 million-unit pace in the third quarter of 2001.

The record is a pace of 6.55 million units, recorded in the first quarter of 2002; the second-highest level of sales activity was a 6.35-million annual rate in the second quarter of this year.

According to the Federal Home Loan Mortgage Corp., or Freddie Mac, the average commitment rate on a 30-year conventional fixed-rate mortgage was 6.29% in the third quarter, down from 6.82% in the second quarter; it was 6.97% in the third quarter of 2001. Last quarter’s average interest rate was the lowest since the Freddie Mac series began in 1971.