The headline said, “July home sales in Albuquerque area take a tumble.” The headline was on the website of Albuquerque Business First. It is true, but only tells half the monthly performance story. July’s 823 closed sales of single family detached homes were up from June by 23 units or 3%. The “tumble” was taken from July 2013, which had 939 closed sales. July 2014 was 12.3% behind July 2013.
The “news” from the July sales performance is two items. First, the monthly sales performance fell behind 2013 for the first time since March. Second, pending sales were below July 2013. Pending sales have been behind 2013 all year on a month over month basis. Any upward market momentum has disappeared, no surprise given the Duke City’s job non-performance.
With two exceptions (the average price in February and the median in March), prices have stay above 2013 all year. In July, both the metro average and median price hit 2014 highs. The July average, $230,750, was 8%, or $17,246, above June and 3.7% ahead of July 2013. Three single family homes sol for $1 million or more during July. The median beat July 2013 by $8,000, or 4.4%, and was up $10,000, or 6%, from June.
The 823 sales closed during July were 88% of the 939 sales pending during June.
During July, single family homes took and average of 60 days to sell, the same average sales period as both June 2014 and July 2013.
Sales of condominiums and townhouses run less that 10% of single family homes. On a year over year basis, these continue to be behind 2013.
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