Housing numbers not all gloom

ALBUQUERQUE (KRQE) - Nationwide home sales numbers released Thursday showed their worst posting on record although New Mexico Realtors are reporting some there signs of hope here.

In January home buyers in the Albuquerque metro area could choose from among 5,309 homes and 616 townhomes on the market.

That translated into nine homes for every buyer out there looking. Of those 5,309 homes for sale, 324 sold with an average selling price was $214,872.

Despite the gloom, numbers George Lowes, president of the Realtors Association of New Mexico, said he recently attended a meeting with Realtors from across the area. California and Nevada realtors reported an increase in home sales, he said.

"Prices are down to more affordable level so I think we're going to have more people getting into the market," Lowes told KRQE News 13.

Lowes also saw some positives in the numbers. Pending sales jumped by 19.7 percent, something Lowes said shows there are many buyers out there who just need the money to buy.

If lending frees up, the market could see a big turnaround very quickly, he said.

Another positive: home prices in some areas like Rio Rancho increased last month by 2.9 percent.

Lowes said these numbers show it is definitely a buyers' market. That means buyers are very picky and think they can get a better deal than the advertised price.

"Most every buyer, unless they realize this house they absolutely have to have, then they're going to come in and lowball the house," he said. The way a seller can stand out is to provide the cleanest, most up-to-date house at the best price, Lowes added.

And right now price is the driving factor, he said.

Also on Thursday Lt. Gov. Diane Denish announce a plan being handle by the New Mexico Finance Authority to help stimulate the state housing market. It includes money to help first-time home buyers, assistance for qualifying teachers, public safety and health care workers and active-duty military personnel and a program for purchasing homes outside the Albuquerque and Las Cruces metro areas.

Details can be found on the NMMFA Web site .