WASHINGTON - Sales of existing homes jumped 1% in the second quarter, for the largest increase in the past three years, according to the National Association of Realtors.
The seasonally adjusted annual resale rate for the second quarter was 3.803 million units, compared with 3.767 million a year earlier. In the 1989 quarter, 3.819 million units were sold.
Decline in California
Thirty states reported gains in the quarter. California was among those declining, with a 10% drop to 438,400.
Georgia led in percentage decline, by 27.6% to 57,100.
Utah showed the biggest percentage increase, up 28.2% to 33,600. Other gainers included Wyoming, 25.9% to 10,200; New Mexico, 17.7% to 26,600; New Hampshire, 16% to 11,600; and Montana, 16.8% to 17,400.
Dorcas T. Helfant, president of the Realtors, said the nationwide increase, fueled in part by the lowest interest rates in 19 years, is "solid proof that an economic recovery is well under way."