July 2008 Home Sales Report

Published on Oct 17, 2008

The Greater Albuquerque Real Estate Market continues its trend as one of the stronger markets in the country. Sales have been consistent and in fact, REALTORS have sold an average of 680 houses a month since January, and we’re up in July at 704. Improvement is projected with broader gains seen by the fourth quarter.

Our strongest market is the $200,000 to $249,000 range. Median and Average Sales remain stable with $196,000 as Median and $240,986 as Average. The number of Pending and Closed Sales for The Greater Albuquerque Area including Detached and Attached Homes was 1,750.

Sales have been in a pattern of rising and falling within a fairly narrow range. The rise in Pending Home Sales is broad based with all regions showing gains. The Pending Home Sales Index, an economic indicator from the NATIONAL ASSOCIATION OF REALTORS®, is a forward looking indicator based on contracts signed, and represents about 20% of the transactions across the country. In our market, Pending Sales are higher than Closed Sales, showing market strength for the next few months. This is welcome news, because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first time home buyers, increases in home sales will continue to have momentum. Open House traffic is up; new home starts have dropped; and the resale market will continue to get stronger. Our Greater Albuquerque Market is still affordable, and our lifestyle continues to be one of the best in the country.

Cathy M. Olson, Chairman of the Board
505-263-7995 cathy@gaar.com