For the fourth consecutive year, sales of existing single-family homes have hit an all-time high.
According to data from the National Association of Realtors (NAR), approximately 6,675,000 units were sold in 2004, up 9.4% from 2003.
The record was set despite a decline in December 2004. However, in a press release, NAR's chief economist David Lereah said not to worry. “Home sales will continue at historically high levels, and 2005 is expected to be the second-best year on record for the housing market.” The November 2004 rate of 6.92 million units is tied with June 2004 as the highest on record, so the downturn in December isn't at all worrisome.
This news bodes well for the remodeling industry over the next year or two. A 2002 survey conducted by the Joint Center for Housing Studies at Harvard University and Hanley Wood, which publishes REMODELING, found that three-quarters of buyers of existing homes had plans to remodel from the moment they made the purchase.
Future Plans for Remodeling Source: National Association of Realtors