Arizona ties with New Mexico’s 4.9% unemployment rate the highest in the nine-state southwest quadrant of the country. New Mexico and Arizona place fourth among the states for unemployment rates, behind Alaska, Washington, D.C., and Mississippi. New Mexico’s 2.6% growth in jobs from July 208 to July 2019 (that’s 21,700 new jobs) lies in the middle of the nine-state pack. These numbers come from the July issue of the Labor Market Review newsletter that was released today by the Department of Workforce Solutions.
Metro area job growth continues behind the state’s rate. Albuquerque added 5,000 jobs (a nice number, for sure) over the year, but only a 1.3% gain. The growth was in leisure and hospitality (+2,900 jobs or 6.4%), education and health services (+3,200 jobs or 5%), and professional and business services (+2,800 jobs, or 4.6%). Except for other services (+100 jobs, big deal) every other sector lost jobs.
Las Cruces added 700 jobs, year-over-year, a one percent gain. The Santa Fe growth was 0.3% which meant 200 jobs. Leisure and hospital brought 600 jobs.
The newsletter offered a comprehensive at oil and gas in the state. The article is far too long to even summarize here, but it is worth a look. See https://www.dws.state.nm.us/Portals/0/DM/LMI/lmr_July_19.pdf. The general topics are wages, employment, and production.
Friday, August 23, 2019
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.
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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