Newspaper article THE JOURNAL RECORD

Number of Home Resales Highest Level in 2 Years

Newspaper article THE JOURNAL RECORD

Number of Home Resales Highest Level in 2 Years

Article excerpt

WASHINGTON - Sales of previously owned homes nationwide rose to the highest level in two years during the final three months of 1988, the National Association of Realtors said Tuesday.

The increase reflected a volume of demand strong enough to withstand increases in mortgage interest rates, according to a quarterly resale report from the association.

The fourth-quarter seasonally adjusted annual sales rate for existing homes, including single-family, condominiums and co-ops, was 4.14 million units, the highest since the fourth quarter of 1986, when the rate was 4.29 million units, the association said.

Existing single-family and multifamily sales totaled 3.99 million units in 1988, the highest annual total recorded since 1979, when resales totaled 4.05 million units, the association said.

Wide-ranging market stability shows that demand for homeownership continues to be fueled by "baby boom" purchasers with the income to buy, said Ira Gribin, president of the assocaition. …

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