US condominium sales posted a double-digit increase in October 2009, according to recently released data by the National Association of Realtors (NAR).
In particular, the seasonally adjusted annual rate of condo/co-op sales in the US increased to 770,000 units in October 2009, representing a monthly increase of 13.2% and an acceleration of the monthly sales growth rate compared to the 9.7%% increase in condo/co-op sales in September.
US condominium sales growth was considerably greater on a year-over-year basis as the not seasonally-adjusted volume of monthly sales climbed to 59,000 units, representing a 34.1% increase compared to the 44,000 units that were sold in October 2008.
US condominium sales increased in all regions in October 2009 but at considerably different rates. The Midwest registered the best monthly performance as seasonally adjusted condominium sales increased by 27.3%, followed by the Northeast where seasonally adjusted condominium sales increased by 16.0%. The South and West posted also strong condominium sales activity as seasonally adjusted condo/co-op sales increased by 10% and 9.1%, respectively.
On a year-over-year basis, condominium sales were up by more than 20% in all US regions, with the South posting the largest by far yearly increase of 54.5% in not seasonally adjusted monthly sales. In the Northeast, Midwest, and West condominium sales posted year-over-year increases of 29.4%, 25.0% and 25.0%, respectively.
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