Home sales heat up in November
Albuquerque, NM, November 12, 2012 – Closed sales of detached single family homes in November rose 12.2% from the same month the previous year and were the highest November sales month since 2009. November marks the 17th consecutive month with year-over-year increases in closed sales.
The median home price for single family detached sales rose 3.13% to $165,000 from the same period last year. The average sales price of $204,653 saw a slightly larger increase of 5.04% from November 2011.
Pending home sales in November 2012 rose 4.42% from the previous year. The 779 pending sales reported made last month the highest November Pending month since 2006.
“People have lived with uncertainty for the past few years which caused them to delay their decision to buy or sell. The numbers indicate that the market is settling into more stable environment and that those buy sell decisions are being made,” said Marc Guggino, President of the Greater Albuquerque Association of REALTORS. “Housing is still a major component of the economic recovery,” he continued.
To see the full report for November market statistics go to GAAR.com and click on Market Statistics.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.