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Housing By The Regions

February 26, 2002

West, Northeast, South Post Double-Digit Percentage Gains In Home Resales

Inman News Features

Sales of existing single-family homes surged to a new record in January, hitting a seasonally adjusted annualized rate of 6.04 million units. And that strength in sales was in evidence throughout the nation on a regional basis, according to the National Association of Realtors, which today released its monthly housing sales activity report.

Resales in the West numbered 1.64 million units on an annualized basis in January, an increase of 23.3 percent compared with December?s pace and an increase of 16.3 percent compared with January 2001?s pace. The January median existing-home price in the West was $199,900, up 13.5 percent from the same month a year earlier.

Existing-home sales in the Northeast totaled 710,000 units, annualized, in January, an increase of 16.4 percent compared with December?s pace and an increase of 9.2 percent since January 2001. The median existing-home price in the Northeast was $149,300, up 4.1 percent from a year ago.

Existing-home sales in the South in January rose an annualized pace of 2.38 million units, an increase of 16.1 percent compared with December?s rate and an increase of 13.3 percent stronger compared with January 2001. The median price of an existing home in the South was $144,800, 12.5 percent higher than a year earlier, according to the association.

In the Midwest, existing homes were selling at an annualized rate of 1.31 million units in January, up 8.3 percent from December and 17 percent higher than in January 2001. The median price in the Midwest was $128,700, up 5.3 percent from January 2001.

Copyright: Inman News Service

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