Reporter- Albuquerque Business First
After months of declines, the number of buyers that signed contracts for existing homes was flat in November. Though subdued, the activity suggested a stabilizing market.
The pending home sales index in the U.S. was up 0.2 percent in November, ending five straight months of decline. November’s figure is still 1.6 percent below November 2012’s pending home sales number. Figures were released Monday by the National Association of Realtors.
NAR noted that there can be up to a two-month lag between a signed contract and a finalized sale. Association officials and others said higher mortgage rates and more solid home price gains have slowed sales in general. In addition, the October government shutdown was partially responsible for the weak figures, they said.
Pending home sales varied by region, with growth in the South (up 2.3 percent) and West (up 1.8 percent) offsetting declines in the Northeast (down 2.7 percent) and Midwest (down 3.1 percent).
In New Mexico, 2013 has already exceeded sales reported each year from 2007 to 2012. The Realtors Association of New Mexico previously reported 15,311 sales through November. In addition, year to date median home price is $172,500, 3 percent higher than 2012’s $167,000.
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