The National Association of Realtors released the existing home sales statistics for July, and there was some positive news.
"Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 2.3 percent to a seasonally adjusted annual rate of 4.47 million in July from 4.37 million in June, and are 10.4 percent above the 4.05 million-unit pace in July 2011."
"The national median existing-home price for all housing types was $187,300 in July, up 9.4 percent from a year ago. The last time there were five back-to-back monthly price increases from a year earlier was in January to May of 2006. The July gain was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier."
Source: NAR (http://www.realtor.org/news-releases/2012/08/existing-home-sales-improve-in-july-prices-continue-to-rise)
So we are seeing a strong increase in median price nationally, which certainly is stemming from more confidence in the higher end price ranges. This coupled with low interest rates, is creating a better outlook for consumer confidence in real estate.
If we take a look at some of the numbers that are published by our local association (The Greater Albuquerque Association of Realtors), we can get a glimpse of how our local market is comparing to the national trends.
July 2012 by the numbers...
Closed Transaction (Single Family Detached)
July 2011 - 625
July 2012 - 710
Median Sales Price (Single Family Detached)
July 2011 - $178,000
July 2012 - $175,000
Active Listings (Single Family Detached)
July 2011- 5,082
July 2012- 4,152
Source: GAAR.com (http://www.gaar.com/market_statistics/report/july_2012_market_report)
Albuquerque seems to be lagging behind a bit in the resurgence of the upper end markets in comparison to other major US cities. We were initially a little slower into the housing recession, and by the numbers are a bit behind other areas of the country on the recovery. We continue to see really positive indicators and there are incredible deals to be had for first time home buyers and anyone looking for affordable housing. We hope to see a continued decline in area supply and the steady improvement of current demand.