Records broken in sales of existing homes

Real Estate Watch

August 22, 1999

Sales of existing homes reached record levels in the second quarter of this year, the National Association of Realtors reports.

Total sales increased in 39 states, including Maryland, compared with sales in the second quarter of last year. Ten states and Washington had declines from the year-earlier period. Montana reported no change.

The seasonally adjusted annual rate of existing single-family, apartment and cooperative home sales was up 7.8 percent, to 5.97 million from 5.54 million this time last year, setting the highest annual pace since NAR started tracking existing home sales in 1981.

"This year continues to look remarkable," said NAR President Sharon A. Millett. "Although we see apparent slowdowns in the figures from several states, these are off from records which are already very high in historic terms. In general, all regions of the nation continue to display extremely healthy trends."

The South experienced the highest regional increase in the second quarter, up 11.1 percent to 2.45 million from a year ago. Maryland sales increased 13.8 percent.

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