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July existing homes strong in ABQ, NM and US

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ahomesaleExisting home sales showed a solid jump in Albuquerque and statewide in July over the previous month and the same month from a year, two separate reports show.

Nationally, sales surged in July to a seasonally adjusted annual rate of 5.39 million, approaching a healthy level for the first time since November 2009, according to a third report. The National Association of Realtors said Wednesday that sales jumped 6.5 percent last month from a 5.06 million pace in June. They have risen 17.2 percent over the past 12 months ago. Sales have now stayed above an annual pace of 5 million for three straight months. That hasn’t happened since 2007.

In the Albuquerque metro, there were 939 home sales compared to 859 in June and 719 in July of 2012, the Greater Albuquerque Association of Realtors reported.

And the Realtors Association of New Mexico — which measures a combination of existing and new home sales — said there were 1,638 home sales last month compared to 1,422 sales the previous month and well above the 1,391 sales in July of last year.

Both groups also reported upward movement in median prices.

“The July 2013 statewide median of $180,502 is the highest July median since the 2010 figure of $181,000,” RANM President Cathy Colvin said in a statement. “The 2013 year to date median ($170,000) is also the highest year-to-date median reported since 2010, when the median was $173,800.”

The median price indicates half the properties sold for more and half for less.

In the Albuquerque metro, July’s median price for single-family detached homes was $182,000, a 4 percent increase over July of 2012 and a 5.8 percent increase over the previous month, GAAR reported.

“What’s exciting is that sales of properties from $250,000 up to $749,000 showed a 45% improvement over the past year which affects the median and average prices,” GAAR President Julie Greenwood said. “These are great signs of improvement in the Albuquerque Metro housing market.”

“The most sales occurred in the price range of $200,000 to $249,000, which has typically been the top selling price range for the past three years,” she said.

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