July Abq Home Sales Down From June, Up From 2016

Sales of metro Albuquerque single family detached homes peaked at 1,196 in May, dropped ever so slightly in June to 1,194 and then to 1,075 in July, according to Greater Albuquerque Association of Realtors, which released the July sales report today.
The pace of sales has eased. In June, 93% of the 1,279 May pending sales turned into closed sales. For July, it was 84% of June’s 1,283 pending sales closed. This rough metric assumes it takes about 45 days for a sale to close.
The 1,214 sales that were pending during July is down from 1,283 in June, which was essentially the same as the 1,279 sales pending during May. The May and June pending figures were down a bit from 1,299 in March and 1,331 (the pending peak for the year) in April.
On a year-over-year basis, pending sales remain popping. July pending sales were 29.6% above July 2016. June was 22.9% ahead of a year ago.
June’s 1,075 closed sales were just five units ahead of July 2016.
Homes continue to sell more quickly. Homes sold during July were on the market and average of 42 days, down from 46 days in June and from 48 days for July 2016.
In my neighborhood just north of UNM, two homes reduced the average days on the market. One sold to two young lawyers with a toddler grabbing their first home the day it hit the market. The other took a plodding five days. Both were early 1950s stucco on wood frame with three bedrooms and about 1,800 square feet. Couples bought both homes. The other couple, in their 40s, renovates homes, investing sweat equity and then sells.
The median sales price, $199,250 in July, dropped from $200,000 in June. The median price was $199,950 in May. The July median price was 4.9% up from July 2016. July’s average price increased $2,091, or 0.89%, from June. The average increased 5.3% from July 2016.
The inventory of homes for sale—3,566 during July—continued well under