Tuesday, August 13, 2019

Home sales flat; Inventory Down; Prices Up

The pace of closed sales for single family detached homes in metro Albuquerque picked up bit in July with a 59 unit, or 5.2%, increase from July 2018. Closed sales were 1,186 homes during July. Sales had dropped 5.4%, or 64 homes, from June 2018.
The net result is that total sales closed through seven months of 2019 are 7,027 homes, all of 1.7% ahead of 2018.
The Greater Albuquerque Association of Realtors released the July sales figures today.
The inventory of homes offered for sale in the metro continued down, way down. The July drop was 33.6% from July 2018. The July inventory as 2,379 homes. People hover over their computers are try to grad homes before they officially hit the market.
The result is that homes sell quickly. The average sales period was 33 days during July, down one day from June and four days faster that July 2018.
With supply limited, demand about the same, the other expected event is happening; prices are going up.
For seven months of 2019, the median price was 220,000, a 7.3%, $205,000, jump from 2018. The median prices for the month of July was $232,000 a $22,000, or 10.5% hike from July 2018. The average price for July was $264,682, a 6.3% or $14,500 increase over the year.
There were 1,373 sales pending during July, a 27.4% jump over July 2018. Pending sales for the year are 8,089, a 6.5% increase over seven months of 2018.

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