Abq Homes Sales Pop During May

Home sales around metro Albuquerque popped in May with a 23.9% increase from April and 22.5% growth from May 2012.
Prices, both median and average, increased from April but changed little—$302 in the case of the average—from May 2012.
The sale of 903 single family detached homes closed during May. That was up 174 units (23.9%) from April and a 166-unit jump from May 2012. A quick look at the history at gaar.com indicates the most recent monthly sales of more than 900 were in 2007. Note that it was a “quick look.” If you want to be sure, look at gaar.com. GAAR is the Greater Albuquerque Association of Realtors, which released the May sales report today. Look for these figures in the Albuquerque Journal in a couple of weeks.
The median price, $174,900, was just $100 short of the $175,000 median seen in March. The highest recent median price was $178,000, reached in July 2011.
The May average price, $211,505, broke $210,000 for the first time in 2013. The May average was the highest average since February 2011.
The single family detached homes with sales closed during May jumped off the shelf, so to speak, with a 65 day average sales period, the shortest of the year and down five days from April and 21 days faster than during May 2012.
May saw pending sales of 1,250 homes, up 25.4% from a year ago, but down 30 from April. Of those 1,280 sales pending during April, 71% turned into closed sales during May. That was a five point increase from the 66% of the March pending sales that closed during April.