Nationally a decline in single family home sales is projected for August and September, by RedFin Corp. a brokerage and website firm. The National Association of Realtors projected pending sales would be lower in June, on a year-over-year basis, the sixth month of decline.
The national picture isn’t quite the metro Albuquerque picture, nor are constant increases.
For single family detached home in metro Albuquerque, July registered 1,121 sales closed, a 3.5% increase from July 2018, but down 92 units from 1,213 sales in June, an 8% drop. Homes that had the sales close during July were on the market an average of 38 days, two days less than the 40-day average sale time in May and June.
The Greater Association of Realtors released the July sales report yesterday.
May was the sales peak for the year, so far. Closed sales were 1,240 in May.
Pending sales are an exception, peaking at 1,271 in July, 107 deals, or 9%, ahead of 1,164 in June and 1,234 in May. Those 1,271 pending sales were 15.5% ahead o a year ago. The strong performance suggests a rebound for closed sales in August.
The market continues to tighten. With 3,524 homes available, June was the 2018 inventory peak. The inventory dropped to 3,368 in July. The inventory was down 588 homes, or 14.2% from 3,926 in July 2017. July saw 1,607 new listings hit the market, down 1.3% or 27 units from a year ago. With 1,890 new listing, May was the 2018 peak.
Average prices have trended up since January, except for a small stumble to $238,466 in May. The average price was $246,862, up $2,171 or 0.9% from June and 3.7% above July 2017.
At $211,490, the median price broke the $210,000 ceiling in June but dropped $3,490, or 1.6% in July to $208,000.
The average price for an attached home (a townhouse or condominium) was $158,398, second lowest of 2018, head only of the $156,292 in February.
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