GAAR in NM Business Weekly

Published on Sep 03, 2010

Pending home sales in the Albuquerque area rose for the third consecutive month in July.

There were 752 pending sales of existing homes in the Albuquerque metro region in July, up from 729 in June and 678 in May, according to the Greater Albuquerque Association of Realtors. Pending sales spiked in April at 1,271 as the federal home buyer tax credit expired.

Nationally, pending home sales rose 5.2 percent in July from June. Those sales, however, remain 19.1 percent below July 2009, according to the National Association of Realtors.

GAAR President Mark Pando said the Albuquerque market is “slowly gaining ground” after having seen a dramatic drop off in pending home sales when the home buyer tax credit expired.

Nationally, home sales will remain soft in the coming months, said NAR Chief Economist Lawrence Yun. “But improved affordability conditions should help with a recovery,” he added, noting “but the recovery looks to be a long process.”



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