Improving affordability boosted the sales pace of existing condominiums and co-operatives during the first quarter of 1991, according to the National Assn. of Realtors.
The association recorded a national seasonally adjusted annual sales rate of 306,000 previously owned apartments, condominiums and co-operatives in this year's first quarter.
The resale pace rose 5.9% from the fourth quarter of 1990, but fell 11.8% from the first quarter of 1990. The national median price for existing condos was $79,900 during the first quarter, down 3.6% from one year ago.
In the West, the condo resale pace was 36,000 units, falling 2.7% from the previous quarter, and 30.8% from the first quarter of 1990. The median price for condos in the West was $99,100, 1.7% above that for the first quarter of 1990.
During the first three months, interest rates in the 9% range and relatively low prices brought more consumers into the condo/co-op market, which often has more affordable alternatives, said NAR President Harley E. Rouda.