The seasonally adjusted annual rate for sales of existing condos and co-ops was 763,000 units during the first quarter, up from the 721,000-unit rate in the fourth quarter of 2000. The rate for the first quarter of 2000 was 706,000 units.
"Mortgage interest rates were one-and-a-quarter points lower in the first quarter than they were a year ago. In addition, strong household formation is creating more first-time buyers, who opt for the affordability and lifestyle factors in condo living," says NAR chief economist David Lereah.
NAR president Richard A. Mendenhall adds that aging Baby Boomers also factor into the record sales level. "Older households also are seeking simpler lifestyles, but are accustomed to a lot of amenities, so higher-end units also are selling well," he says.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
