Condo, co-op sales jump a record 12.9%

Sales of existing condominiums and cooperatives continue at a brisk pace, rising to a new high in the third quarter of this year. The National Assn. of Realtors said sales jumped 12.9%, to a seasonally adjusted annual rate of 971,000 units, in the third quarter, from the previous record of 860,000 units in the second quarter. Sales were 18% above the 823,000 units sold in last year’s third quarter.

David Lereah, the association’s chief economist, said the degree of rise was a bit of a surprise.

“We were expecting a new record for condo sales in the third quarter, but being so far above the previous record is incredible,” he said. “The demand for all kinds of housing is unprecedented, and where units are available, they’re selling briskly.”

The median existing condo price was $167,200 in the third quarter, up 16.6% from the same quarter in 2002.

In the West, third-quarter sales rose 12.1% from the second quarter to a record annual rate of 259,000 units. Sales were 18.8% above the third quarter of 2002. The median price in the West was $204,700, up 21.7% from a year earlier.