Albuquerque NM Home Sales

View the Full Albuquerque NM Home Sales Report HERE

Many people were not very content with last week’s Pending Home Sales report. This measure of contracts signed to buy existing homes fell 0.4% in June. For some observers, that raised concerns about future Existing Home Sales. However, the prior month’s report measured Pending Home Sales up 5.8%, so one could reasonably expect a rebound in existing home closings come July. We’ll see.

There was absolutely no discontent expressed around the Standard & Poor’s/Case-Shiller home price index. This revealed home prices in 20 major U.S. metros were up 1% in May and up a very impressive 12.2% versus a year ago. By this index’s measure, home prices are still down from their peak in 2006. But the peak-to-trough decline is now about a third smaller than it was as recently as March 2012. This is a national average. Home prices in two of Case-Shiller’s 20 cities have actually hit all-time highs, going past peaks set in 2007 and 2006!