NAR: Condo, Co-Op Sales Hit Record Levels

WASHINGTON, DC-Lower interest rates pushed sales of condominiums and cooperatives to a record level during the first quarter, according to the National Association of Realtors. Sales rates for existing condos and co-ops were up 5.8% over the previous quarter and 8.1% over the same time last year.

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.