Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, November 30, 1993 TAG: 9311300035
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
SOURCE:
DATELINE: WASHINGTON LENGTH: Medium
Sales of previously owned single-family homes jumped 3.6 percent, to a seasonally adjusted annual rate of 4.08 million, the National Association of Realtors reported Monday.
That was up from a 3.94 million rate in September - stronger than the 3.91 million initial estimate - and the highest since 4.09 million in May 1979, the association said. Many analysts had expected an increase of only 1 percent.
Sales advanced in every region, and the Realtors said home buyers remained active in November.
"Favorable rates, along with improved economic conditions, are keeping consumers in the market during a time of the year when sales generally start to taper off," said Realtors President Robert H. Elrod.
The Realtors reported 3.17 million home sales through the first 10 months of 1993, 7 percent above the number sold during the 1992 period. And they predicted 3.7 million sales by year's end, up 5 percent from the 3.52 million sold in 1992. Sales are expected to total 3.82 million in 1994.
The government said earlier that new home sales shot up 20.8 percent in September to the highest level in nearly seven years. Many analysts do not expect that pace to be sustained in when the October figures are released Thursday.
In their report, the Realtors said the median price of a previously owned home was $106,000, compared to $107,200 in September and $103,400 in October 1992. The median means half of the homes cost more and half cost less.
Sales advanced 0.7 percent in the South, to a 1.47 million rate, although they were 11.4 percent ahead of a year ago. The median price jumped to $95,200, from $91,800 in October 1992.
- Associated Press
by CNB