June Abq Home Sales Up 25% from 2012, Down From May

The 859 single family detached homes sold during June jumped 25%, or 174 units from June 2012. However, the June sales dropped 4.9%, or 44 units from May, in defiance of the seasonal pattern of sales building each month through the spring into the summer.
The double “however” may be that sales build during the spring, but pause in June. Sales during June 2012 were down from May as well.
In the tradition of finding the good news and ignoring the rest, the Greater Albuquerque Board of Realtors, which released the June sales report on Wednesday, happily chirped that pending sales—1,158 in June—have been above 1,000 for four months. True enough, but the 2013 pending peak was 1,280 in April. June pending sales were 10.6% or 111 units more than a year ago.
During May, 71% of the 1,280 sales pending for April turned into closed sales. For June, 69% of May’s pending sales of 1,250 homes became closed sales. Note that deals made during one month don’t necessarily close during the following month. Still, the relationship provides a rough proxy for coming-month sales. With June pending sales of 1,158 homes, is 69% turn into closed sales during July, that would mean 799 sales, down seven percent from June. We will see.
Townhouse / condo sales, 94 units during June, were up 12% from May and more than double the very poor sales of 39 units during June 2012.
The median price—$172,000 during June—remained below 2012 for the third month.
The average sales price was $212,456 during June, up less than $1,000 from and up 2.3% from June 2012. This price was the highest average since February 2011. Sales of five $1 million plus homes during June certainly helped push up the average. The four price groups between $300,000 and $999,999 all increased sales from May.
The homes selling during June were on the market an average of 66 days. That’s up a day from May and ten days faster than the 76 days a sale required during June 2012.