Pending Sales Increase for First Time in a Year

During September, pending sales of single family detached homes in metro Albuquerque increased 10.9% from September 2013. There real news here is that this is first year-over-year increase since September 2013.
September pending sales of 854 homes did drop by three from August, but this can be attributed to the seasonal slowing as school has started and we head into cooler months.
Townhouse and condo pending sales showed a nice 30-unit or 58% jump from September 2013, the second year-over-year increase of 2014.
Closed sales during September maybe didn’t quite go off a cliff, but the 703 sales were 14%, or 119 homes fewer than the 822 homes sold during August. The 2014 peak for closed sales came in July with 823 homes sold. Pending sales peaked in May at 996.
Prices, both median and average dropped both from August 2013 and from July.
The average sales price, $208,936 during September, was the lowest since March. The average price was $7,212 lower, or 3%, than August and down 1.6% from September 2013. The median price was $175,000, a level last seen in April.
The price peak for 2014 came in July for both median and average prices.
The homes that sold during September were on the market an average of 65 days, the same as August and two days more than September 2013.
During September, 82% of August’s 857 pending sales turning into closed sales. For August, 83% of July’s 986 pending sales became closed.