July 2011 Closed Sales up 12.21% from July 2010
Albuquerque, NM, August 10, 2011 –The Greater Albuquerque Association of REALTORS® (GAAR) released July housing statistics today showing closed sales up 12.21% from July 2010. “The Albuquerque metro market has not seen a gangbuster recovery but what we have seen has indicated that the market is stable,” said Peter Parnegg, President, Greater Albuquerque Association of REALTORS®. “The median price of $178,000 is the highest we have seen since December 2010 – good news to current homeowners,” Parnegg continued.
Housing continues to feel the brunt of news from Washington. When Lawrence Yun, Chief Economist, National Association of REALTORS®, was asked about the effect of downgrading the bond rating, he said, “Even if mortgage rates were to rise because of the downgrade, this fact is less important in light of the current overly stringent underwriting standards and the general lack of consumer confidence about the economy. A 30-year fixed rate rising from 4.3% to 4.6% will not change the housing game that much, but a return to normal underwriting standards and a boost to consumer confidence will be the true game changer.”
Market statistics are available to the public at www.gaar.com.
With nearly 3,000 members pledged to uphold a strict Code of Ethics and Standards of Practice, the Greater Albuquerque Association of REALTORS®is the largest professional trade association in central New Mexico and is recognized as a leading provider of real estate information and services.