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To: Square_Dealings who wrote (63765)	2/15/2001 9:46:22 AM
From: long-gone	Respond to of 116752

EXISTING HOME SALES DIP IN FOURTH QUARTER, NAR REPORTS Despite declines in 26 states, market still stable Press Release February 13th, 2001 WASHINGTON -- Total existing-home sales were down in 26 states in the fourth quarter of 2000 compared with the same period in 1999, according to a the National Association of Realtors report. NAR's latest report on existing single-family, apartment condominium and co-operative home sales found that sales rose in 24 states in the fourth quarter of 2000; the District of Columbia reported no change in the fourth quarter compared with a year ago. The NAR survey showed that nationwide, the seasonally adjusted annual rate of total resales was 5.80 million units in the fourth quarter, down a slight 0.4 percent from the 5.82 million-unit level in the third quarter of 2000. However, it was up 0.4 percent from the pace of 5.77 million units recorded in the fourth quarter of 1999. The strongest annual increase was in Alaska, where the 2000 fourth quarter resale pace rose 19.0 percent compared to the fourth quarter of 1999. Wyoming, which rose 18.3 percent from a year ago, ranked second. Colorado posted the third highest increase, up 16.8 percent from 1999's fourth quarter sales activity. NAR President Richard A. Mendenhall noted that while resales fell in just over half of the nation's states, they were generally modest declines, indicating that the market is still healthy in most areas. "Home sales essentially have remained stable between the fourth quarters of 1999 and 2000. What's encouraging is that a number of states recorded double-digit increases in home resale activity. This is a clear sign that falling interest rates and demand are working in tandem," he added. According to Freddie Mac, the average commitment rate on a 30-year conventional fixed-rate mortgage was 7.83 percent in the fourth quarter, down from 8.03 percent in the third quarter; it was 7.64 percent in the fourth quarter of 1999. Dr. David Lereah, NAR's chief economist, said the market is stabilizing as economic activity slows, creating more normal market conditions and a change from a seller's market to a more balanced market. "The drop in mortgage interest rates is helping to sustain the market. Even with a recent slowdown, home sales are being maintained at a relatively high level in historic terms," he said. Regionally, the Northeast reported the strongest increase in total existing-home sales for the fourth quarter of 2000, with a total sales pace of 736,000 units, up 2.8 percent from the same quarter in 1999. Pennsylvania posted the strongest increase with sales activity 13.2 percent above a year ago. Vermont resales were up 4.6 percent in the same time frame, while New York increased 2.7 percent and New Hampshire rose 1.1 percent from the fourth quarter of 1999. The West, with an annual resale pace of 1.49 million units, posted a 2.2 percent increase for the fourth quarter of 2000 compared to the same quarter the previous year. After Alaska, Wyoming and Colorado, the next highest increase was in Hawaii, where total existing-home sales rose 16.6 percent compared to the fourth quarter of 1999. Nevada resales rose 15.1 percent in the same time frame. The South recorded a sales rate of 2.39 million units in the fourth quarter of 2000, up 0.1 percent from the same quarter in 1999. Maryland led the region for sales activity, posting a 12.1 percent increase from the fourth quarter of 1999. Delaware ranked second in the region, up 8.3 percent from a year earlier. Florida resales rose 5.5 percent from a year ago, while Georgia sales activity increased 3.2 percent. The Midwest, with a 1.18 million-unit annual rate, was down 2.5 percent in the fourth quarter of 2000 compared with a year earlier. The region was hit hard by severe weather in late 2000, interrupting markets in many areas. Minnesota led the region in total resales for the fourth quarter of 2000, up 2.9 percent from the fourth quarter of 1999. North Dakota ranked second in the region, posting a 1.0 percent increase in the fourth quarter compared to the same period the previous year. Ohio followed, posting a modest gain of 0.9 percent in the fourth quarter compared to the same quarter a year ago, while resale activity in Indiana rose 0.7 percent. The National Association of Realtors is America's largest trade association. It represents over 760,000 members involved in the residential and commercial real estate industries. Charts of state resale rates, percent changes and historic data are available at nar.realtor.com -- click on Existing Home sales and scroll to the appropriate chart. SOURCE National Association of Realtors buildscape.com