Tuesday, Jan. 28, 2003 | 10:19 a.m.
WASHINGTON -- Sales of existing homes surged in December, bringing a record-setting 2002 to a torrid end.
Last year 5.563 million existing homes changed ownership, 5 percent more than the sales record set in 2001, the National Association of Realtors reported Monday.
In December alone, existing homes sold at an annualized pace of 5.86 million -- up 5.2 percent from November. It was the third-strongest monthly number in the 35 years NAR has tracked sales volume nationally.
Prices are up, too. The sales midpoint for the year -- $158,300 -- rose 7.1 percent from 2001. That's the strongest annual increase since 1980, when hyperinflation helped drive home prices up 11.7 percent.
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