Existing Home Sales Set Annual Record

Jan. 13, 2005
By John S. McClenahen Strong sales of existing single-family homes in December helped produce an annual sales record in 2003, the Chicago-based National Association of Realtors (NAR) reported on Jan. 26. December sales were at a seasonally adjusted ...
ByJohn S. McClenahen Strong sales of existing single-family homes in December helped produce an annual sales record in 2003, the Chicago-based National Association of Realtors (NAR) reported on Jan. 26. December sales were at a seasonally adjusted annual rate of 6.47 million, up from November's rate of 6.05 million. "We've been expecting the pace of home sales to ease, and a decline in November seemed to indicate a more sustainable pace, but the rebound in December -- the second highest monthly pace on record -- shows there's still a lot of life in this market," says David Lereah, NAR's chief economist. "The biggest factor is a resumed decline in mortgage interest rates, which have been much lower than most analysts expected." For all of 2003, existing homes sales totaled a record 6.1 million, nearly 10% higher than the previous record of 5.566 million in 2002. NAR has been keeping track of the numbers since 1968.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!