Condo/Co-op Prices Rise in April Due to Increased Sales of Foreclosed/Distressed Properties

Washington, D.C.--Existing-home sales—including single-family, townhomes, condominiums and co-ops—increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March, according to the National Association of Realtors (NAR). Despite the increase, the number is 3.5 percent below the 4.85 million-unit level in April 2008. Existing condominium and co-op sales increased 6.4 percent to a seasonally adjusted annual rate of 500,000 units in April from 470,000 in March, but are 9.4 percent lower than the 552,000-unit pace a year ago. The median existing condo price was $173,900 in April, down 18.5 percent from April 2008. “This increase is probably due to some market clearing of foreclosures,” Jed Smith managing director of quantitative research at NAR, tells MHN. “Based on anecdotal evidence there is a lot of buying of foreclosed properties going on and prices are in fact bid up.” To read more, click the link below.

Source: Multi-Family Housing News. View Article.

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