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N.M. Home Sales Surge In April

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The Realtors Association of New Mexico, which tracks a combination of new and existing homes, said there were 1,234 closed sales in April, an 11 percent jump over April 2011, and median prices have gone up.

April’s median price of $165,000 was higher than the previous month and equal to that reported during April 2011, the association said.

There is “optimism for a slow, steady recovery of the market and sales prices,” according to Debbie Rogers, 2012 RANM president, although “sales of distressed properties are still weighing heavily on median prices.”

That state news came as the Commerce Department reported sales of new homes increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,000. Sales were up in all regions except the South. The median price rose to $235,700, a slight increase from March.

On Tuesday, reports on existing homes showed increases in sales and median price here and across the country. In the Albuquerque metro area, there were 604 closed sales in April, and the median sale price was $174,775, or a 5.92 percent increase, compared to the same month last year of $165,000.

“Home prices are stabilizing and sales are rising, but some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means,” RANM Executive Vice President Steve Anaya said.

In New Mexico, while nearly two-thirds of reporting counties showed an increase in the number of home sales, only half showed an increase in median prices.

Bernalillo County reported an increase in sales and median prices. Doña Ana, Los Alamos, Santa Fe and Taos counties reported an increase in sales but a decrease in median prices.
— This article appeared on page B1 of the Albuquerque Journal

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