RE/MAX LUXURY HOME SALES EXCEED MID-YEAR RECORD

· Report Highlights Nation's Hottest Luxury Home Markets and Prices

Parsippany, N.J. 08-27-2003 -- RE/MAX Real Estate Corporation (RE/MAX) today announced that its affiliates’ mid-year 2003 sales of luxury homes increased by 8.2 percent with 5,849 homes sold with a value of one million dollars or more. In addition, RE/MAX® achieved an 8.9 percent increase in luxury home sales volume from mid-year 2002 to 2003, surpassing the $10 billion mark in sales volume.   In this release, RE/MAX highlights its top luxury home markets by state and city, and includes a list of its top 50 sales prices nationwide. 

An overview of the RE/MAX Luxury Home Sales Report shows:

· Out of the top 30 states in RE/MAX luxury home sales, California continues to lead the country reporting more than half the sales of luxury homes in the entire country with over $5.5 billion in sales volume.  California also claimed the highest closed sale price by a RE/MAX sales associate in the U.S. during the first six months of 2003:  a $21.6 million home in Montecito.   Florida was the next strongest state with more than $1 billion in luxury home sales volume.
· For the first half of 2003, RE/MAX reported that the highest activity of luxury homes sold was among those priced between $1 and $5 million with more than 5,500 homes in this segment.  In addition, the company reported sales of just over 100 homes in the $5 and $10 million range, nine homes between $10 million and $19 million, and two homes for more than $20 million. 

 “With baby boomers trading up to bigger, more expensive homes, we expect the luxury housing market to maintain strong levels of activity for the balance of the year,” said Alex Perriello, president and CEO, RE/MAX Real Estate Corporation.  “Even with interest rates ticking a bit higher, we believe the nation’s demographics will fuel the market at a healthy pace.”

(Please click image above to view demographic breakdowns.)

RE/MAX Previews International® system has been a world leader in the marketing of luxury homes since 1933.  This luxury home marketing program has been exclusive to RE/MAX affiliates since 1994.  In 2002, RE/MAX sales associates were involved in the sale of 11,158 homes priced at a million dollars or more with a total sales volume of $18.9 billion in the $1 million and above price range.