Sales peaked in June for single family detached homes in metro Albuquerque. For August the 1,092 closed sales were 136 units, or 11%, down from June. Sales of attached homes (townhouses and condominiums) also peaked in June (at 112) and dropped 21% to 96 for August. The figures are in the August sales report released today by the Greater Albuquerque Association of Realtors.
August closed sales were up eight units, or 0.8%, from July and nine units from August 2016.
Pending sales behaved a little differently during August, climbing back to tie April at 1,080 for the 2017 high. Even so, pending sales have been flat since March at 1,150 units, plus or minus. The increase from the 1,133 pending sales in July was 47, or four percent, and 17.2% from 1,007 in August 2016. It was 2007 when pending sales were last over 1,000 for several months.
The homes that closed during August were on the market an average of 44 days, down from 50 days in August 2016. The average sales period has been below 50 days since May.
Attached homes are selling even faster, on the market for 40 days during August, 39 days in July and 38 during June.
Both the median and average price increased, year over year, during August for metro detached homes.
The median price, $202,825 during August, was up 6.7%, or $12,825, from August 2016 and increased $3,325, or 1.7%, from July.
However, the average price dropped $382 from July to $237,532 and is down $4,869, or two percent, from the 2017 peak of $242,401 in June. The August average was up five percent from $226,322 for August 2016.
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