Existing- Home Sales Off In Nov.

Sales of previously occupied homes in the Albuquerque metro area dropped by 18 percent in November from the previous month but were up 12 percent from November 2011.

There were 552 closed home sales in November compared to 673 in October and 492 in November of last year, according to a new Greater Albuquerque Association of Realtors report.

“People have lived with uncertainty for the past few years which caused them to delay their decision to buy or sell. The numbers indicate that the market is settling into more stable environment and that those buy-sell decisions are being made,” GAAR President Marc Guggino said in a statement. “Housing is still a major component of the economic recovery.”

The median sale price of homes in the Albuquerque metro fell to $165,000 from $166,300 the previous month, and was an improvement over $160,000 in November of last year, according to GAAR.

In terms of year-over-year data, the group reported that November marked the 17th consecutive month with increases in closed sales.

Across the country, the National Association of Realtors said Thursday that home sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That’s up from 4.76 million in October.

Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.

Job growth and low home-loan rates have helped drive purchases. Prices are also rising in many areas, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they feel confident they can sell at a good price.

— This article appeared on page B1 of the Albuquerque Journal