July Homes Sales Highest in Two Years

After modest dip in June as compared to May, sales of metro Albuquerque single family detached homes roared back in July to posted the year’s highest total. The Greater Albuquerque Association of Realtors posted the July sales report today.
July sales were 939 units, plus 80, or 9.3%, from June. The increase from July 2012 was 220 homes, or 30.6%.
The July sales represented 81% of the June pending sales of 1,158 homes. This 81% proportion of pending sales closing is very high. For example, closed sales during May were 70.5% of pending sales.
Closed sales during July were the same as June, GAAR said, 1,158 units. That means it will be difficult for August sales to match July, using our rough predictive relationship between pending and closed sales.
July was the second month of the past 13 with sales more than 900 homes. May was the other month with more than 900 sales.
Sixty days was the average sales period for the homes closing during July, the quickest sales period of the year by five days.
The upward price movement reported around the country appeared in Albuquerque during July. The average sale price, $222,505, was up $10,049 from June, a 4.7% jump. The average price hung around $200,000 the first four months of 2013. The $10,000 increase in the median price—to $182,000—was a 5.8% increase from June and up 4% or $7,000 from July 2012.
Both the median and average prices were the highest since January 2011.
The increase in average price was pushed by the sale of four $1 million-plus homes during the month. The champion sales price group was from $200 to $249,000 with 140 sales during July.
The number of sales of townhouses and condominiums showed the same healthy increases as did single family detached homes. However, prices went the other way with declines in both the median and average.