October Abq Homes Sales Down From Sept., Up From Sept. 2012

Existing home sales in metro Albuquerque dropped in October from September, though not all that much. The likely-seasonal decline probably had help from higher interest rates. Sales of single family detached homes were 723 units during October, down 46, or 6%, from September. Sales continued the year-over-year increase, up 50 units, or 7.4%, from September 2012.
The Greater Albuquerque Association of Realtors released the October sales report late yesterday afternoon.
January, February and March 2013, the coldest months, reported lower sales than October.
Pending sales were 762 during October, down 127, or 14%, from September. The year-over-year increase pattern broke with pending sales, which dropped 138 units, or 15%, from October 2012. Sales during October were 81% of the 889 sales pending during September, a performance last reached in July. September sales were 64% of August pending sales. Because sales close in an average of about 45 days, pending sales in one month provide a rough and statistically impure means of projecting sales during the next month.
The homes sold during October were on the market an average of 62 days, six days less than during October 2012.
Prices, both average and median, which peaked for 2013 during August, continued to drop. The median price, $182,500 for August, was $177,500 during September and $166,000 for October. The average price was $223,533 during August, $212,307 during September and $208,152 in October.
While the 66 sales of townhouses and condominiums were down from 73 during September, the performance was 12% ahead of October 2012. The median price, $141,250, increased seven percent from a year ago with the average price, $150,922, up ten percent.