NM: Albuquerque Pending Home Sales Rise

The number of people who signed contracts to buy homes rose across the country and in New Mexico in June. But many of those contracts are falling through and the gain was not enough to signal a rebound in the market.

The National Association of Realtors reported Wednesday that its index of sales agreements for previously occupied homes rose 2.4 percent in June to a reading of 90.9. A reading of 100 is considered healthy by economists. The last time the index reached that level was in April 2010, the final month when buyers could qualify for a federal tax credit.

Contract signings are typically a reliable indicator of where the housing market is headed, but the Realtors’ group says a growing number of buyers have canceled contracts ahead of closings after appraisals showed the homes were worth less than they bid.

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