GAAR sees home sales improvement - New Mexico Business Weekly:

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For the third consecutive month, existing homes were spendingtfewer days, 85, on the market and prices have reached theirr highest level since October 2008. Average homes sales peaked in May 2007 at slightlyuabove $260,000 and now the median (half half below) sales price in the metro regiom is $222,000. The 566 closed sales in May representeda 4.4 percenr increase over April’s performance, but a 16 percentr drop compared to May 2008. Therwe were 1,472 new listings in April, a nearly 25 percent decline compared to ayear ago. The supply/demane ratio is another encouraging sign, standin g at just 6.31 in May. That ratiop peaked in Novemberat 12.09.
The ratil measures pending sales against the total number of homezs onthe market. The higher the supply/demanxd ratio, the more supply there is relativedto demand. “Rio Rancho has the largest of available new homes on the drawing the attentionof first-time buyers who are taking advantager of the $8,000 income tax credit,” Padilla said. the Albuquerque metro housing market continues to outpace othe r markets nationally in sales and June is expected to be one of the strongestt monthsin 2009.
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