Albuquerque, NM, June 13, 2011 – There were 899 pending detached home sales in May, a 32 percent increase when compared to May 2010, and off slightly when compared to April 2011, according to the Greater Albuquerque Association of REALTORS®.
“Thirty-two percent is a substantial increase, but keep in mind May of 2010 was the first month without the income tax credit for buyers,” said Peter Parnegg, President of the Greater Albuquerque Association of REALTORS®. “What’s important is the local market is stabilizing,” Parnegg said. “The housing market is entering what is traditionally the busy time of the year and savvy consumers are looking to take advantage of these historically low interest rates before they begin to climb.”
Home sales did increase in several market areas in the metro. “Home sales improved in Rio Rancho, Bernalillo, Placitas, and the East Mountain’s when compared to May 2010,” Parnegg said.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.