Magazine article Mortgage Banking

Condo Market Reaches New Record

Magazine article Mortgage Banking

Condo Market Reaches New Record

Article excerpt

ACCORDING TO THE NATIONAL ASSOCIATION of Realtors[R], Washington, D.C., sales of existing condominium and cooperatives rose to a new, record level during the first quarter of 2001. The seasonally adjusted annual rate for existing condo and co-op sales was 763,000 units in the first quarter, up 5.8 percent from a 721,000-unit rate in the fourth quarter of 2000. It remains 8.1 percent above the 706,000-unit level of sales activity in the first quarter of 2000. According to Freddie Mac, the average commitment rate on a 30-year, conventional fixed-rate mortgage was 7.01 percent, down from 7.64 percent in the fourth quarter; it was 8.26 percent in the first quarter of 2000. The median existing condo price was $117,700 in the first quarter, 7.8 percent higher than in the same quarter in 2000. Existing condo and co-op sales in the Midwest surged 13.9 percent from fourth-quarter 2000 to a level of 90,000 units in first-quarter 2001, and were 8. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.