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CONDO SALES SET RECORD IN SECOND QUARTER
| The seasonally adjusted annual rate for existing condo and co-op sales was 861,000 units in the second quarter, up 4.0 percent from the first quarter rate of 828,000, according to a recent National Association of Realtors report. Sales activity in the second quarter was 4.7 percent above the 822,000-unit sales level during the same period in 2002. The previous record was an 829,000-unit rate in the fourth quarter of 2002. The median existing condo price during the second quarter was $163,500, up 15.1 percent compared to the same quarter in 2002. In the West, condo/co-op resale activity surged 16.0 percent from the first quarter to a record annual rate of 232,000 units in the second quarter, and was 4.5 percent above the sales rate during the second quarter of 2002, according to the report. The median condo price in the West was $211,300 in the second quarter, up 22.8 percent compared to the same period a year earlier. |