Condo, co-op prices rising

Prices and sales of existing condominiums and cooperatives continued to rise nationally at a brisk pace in the third quarter, according to the National Assn. of Realtors.

David Lereah, the trade group’s chief economist, said the median condo price had been rising at more than double the rate of single-family homes. The median existing condo price was $197,000 in the third quarter, up 18% from last year. The median price for an existing single-family home rose 7.7% to $188,500.

Sales of existing condos and co-ops climbed 5.2% in the third quarter to a seasonally adjusted annual rate of 990,000 units from a year ago, but were down 2% from an upwardly revised record pace of 1.01 million units in the second quarter.