Sales of existing condominiums and cooperatives skyrocketed to a new record in the third quarter, according to the National Association of Realtors (NAR). Existing condo and co-op sales jumped 12.9 percent to a seasonally adjusted annual rate (see note) of 971,000 units in the third quarter from a previous record 860,000-unit pace in the second quarter. Sales were 18 percent above the 823,000-unit level of sales activity in the third quarter of 2002.

The median existing condo price was $167,200 in the third quarter, which is 16.6 percent higher than the same quarter in 2002. By comparison, the median-priced existing single-family home was $177,000 in the third quarter, up 10.1 percent from a year ago.

In the South, condo/co-op resale activity jumped 15.3 percent in the third quarter to a record 445,000-unit pace, which was 16.5 percent higher than the same quarter in 2002. The median price in the South was $135,500, which was 16 percent higher than a year ago.

Existing condo and co-op sales in the Midwest increased 13.9 percent from the second quarter to a record level of 115,000 units in the third quarter, and were 18.6 percent above the third quarter of last year. The median resale condo price in the Midwest was $162,800, up 9.3 percent from a year ago.

In the West, the sales pace of condos and co-ops rose 12.1 percent from the second quarter to a record annual rate of 259,000 units in the third quarter, and was 18.8 percent above the sales rate during the third quarter of 2002. The median price in the West was $204,700, up 21.7 percent from a year earlier. In the Northeast, condo/co-op resale activity was up 7.0 percent between the second and third quarters to a record 152,000-unit pace, and was 21.6 percent above the third quarter of 2002. The median price in the Northeast was $183,000, up 21.8 percent from a year ago.