Printer Friendly

SECOND-QUARTER HOME SALES HIGHEST IN MORE THAN THREE YEARS

 SECOND-QUARTER HOME SALES HIGHEST IN MORE THAN THREE YEARS
 WASHINGTON, Aug. 5 /PRNewswire/ -- Sales of existing homes climbed in 30 states during 1992's second quarter compared to a year ago, pushing nationwide activity to the highest level in more than three years, the National Association of Realtors reported today.
 According to the associations's latest quarterly survey of sales of previously owned homes, the increases ranged from 0.9 percent in Arizona and North Dakota to a high of 28.2 percent in Utah. A total of 12 states experienced double-digit increases, while two states, Indiana and Mississippi, remained unchanged. Figures were not available for Alaska and Maine.
 Nationwide, sales rose 1 percent in the second quarter of this year compared to the same period a year ago. The seasonally adjusted annual resale rate(A) for the second quarter was 3.803 million units, compared with 3.767 million in the same quarter last year. This is the highest level since the first quarter of 1989, when the resale pace hit 3.819 million units.
 NAR President Dorcas T. Helfant said the continued increase in home sales experienced by more than half of the nation is a positive indication that the country's economy is in the midst of a steady recovery.
 "Fueled in part by the lowest interest rates we've seen in 19 years, and rising consumer confidence in the marketplace, the continued increase in home sales activity is solid proof that economic recovery is well underway," Helfant said.
 The NAR survey, which covers sales of existing single-family detached homes, town houses, apartment condominiums and co-operatives, showed that every region but the South experienced a healthy boost in resales during the second quarter of 1992.
 NAR Executive Vice President Dr. Almon R. "Bud" Smith said the increase in resales marks a shift in the marketplace. "With historically high levels of first-time home buyers in the market, the combined total of single-family, condominium and co-op sales is better than many people realized," Smith said.
 The region posting the greatest increase in resales for the second quarter of this year compared to the same period a year ago, was the Northeast, with a 4.3 percent rise. Leading the region were New Hampshire and Pennsylvania, which both showed a 16.0 percent increase in resales.
 Ranking second among the regions was the Midwest, which posted a 2.5 percent increase. States in this region showing the strongest increase were: Kansas, with a 15.0 percent rise; Missouri, at 13.8 percent; and Nebraska, at 10.6 percent.
 The 28.2 percent rise in Utah and the 25.9 percent increase in Wyoming boosted resales in the West by 1.3 percent in 1992's second quarter, compared with the second quarter of 1991.
 Despite increases of 8.8 percent in West Virginia and 7.9 percent in Kentucky, the South experienced a 2.0 percent drop in resales for the second quarter. However, this decline was compared to a surge in resales during the second quarter. Aside from the high 1991 level, sales in the South hit the highest point since the first quarter of 1988.
 The National Association of Realtors, "The Voice for Real Estate," is the nation's largest trade association, represent nearly 750,000 members involved in all aspects of the real estate industry.
 (A) The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative resale pace for that quarter were maintained for the year's four consecutive quarters.
 Seasonally adjusted annual rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, home sales volume normally is higher in the summer and relatively light in the winter, primarily because of differences in the weather.
 -0- 8/5/92
 /CONTACT: Annemarie Roketenetz, 202-383-7560; Scott Sherwood, 202-383-1016; or Trisha Morris, 202-383-7560; all of the National Association of Realtors/ CO: National Association of Realtors ST: District of Columbia IN: SU: ECO


DS -- DC004 -- 6937 08/05/92 08:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1992
Words:676
Previous Article:SUMMIT TECHNOLOGY ANNOUNCES FDA APPROVAL TO BEGIN PHASE IIB ERODIBLE MASK CLINICAL TRIALS FOR TREATMENT OF MYOPIA AND ASTIGMATISM
Next Article:BERGEN BRUNSWIG EXTENDS OFFER FOR DURR-FILLAUER MEDICAL
Topics:


Related Articles
CALIFORNIA EXISTING HOME SALES DECLINE IN SECOND QUARTER; HOUSING AFFORDABILITY IMPROVES SHARPLY IN ALL REGIONS OF THE STATE
LENNAR REPORTS RECORD SECOND QUARTER EARNINGS, REVENUES AND BACKLOG
44 STATES REPORT SECOND-QUARTER CLIMB IN EXISTING-HOME SALES
CALIFORNIA EXISTING HOME PRICES INCREASE DURING SECOND QUARTER DESPITE DECLINE IN SALES
MDC Holdings Reports Record Second Quarter Home Orders, Home Closings and Backlog.
MDC Holdings Reports 15% Increase in Second Quarter Earnings.
MDC Holdings Reports 35% Increase in Second Quarter Earnings.
M.D.C. Holdings Reports 93% Increase in Second Quarter Earnings.
Report: home prices in all boroughs continue to rise.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters