Home prices continued to slide in January, but there was a 13.22 percent increase in closed sales to 411 for single family homes, according to the Greater Albuquerque Association of Realtors’ January report. Sales volume dropped 9.45 percent to nearly $80 million.
“Consumers are buying in price ranges that are extremely affordable,” said Marc Guggino, president of GAAR. “People look at the median and average and say the market is falling, but these numbers are truly based on the mix of product that is selling. We are holding our own in this interesting market.”
Pending sales hit 836, a 20.6 percent increase, which is the best since 2008, as buyers are taking advantage of low mortgage rates and low prices. The average sale price is now $194,352 down from more than $200,000 for much of 2011.
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