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Monthly Newsletter from Sandi Pressley

U.S. Real Estate Overview

According to the most recent data from the National Association of Realtors® (July), existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors®. The West was the only major region with an increase in sales last month.

NAR Housing Snapshot July 2018

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. With last month’s decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months.

NAR's chief economist, Lawrence Yun, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”

The national median price for existing homes (all housing types) in July was $269,600, up 4.5 percent from July 2017 ($258,100). July’s price increase marks the 77th straight month of year-over-year gains.

U.S. total housing inventory by July's end decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago).

Properties typically stayed on the U.S. market for 27 days in July, up from 26 days in June but down from 30 days a year ago. Fifty-five percent of homes sold in July were on the market for less than a month.

The average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were 32 percent of sales in July, which is up from 31 percent last month but down from 33 percent year ago. 

Find the Right Coverage

 

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

 

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

Enjoy the Variety of Albuquerque Parks

One of the many factors that makes Albuquerque such a great place to live is the parks and recreation system here. No matter your interest, you'll find a park suited for your needs, whether it be golfing, swimming, tennis, baseball, and softball, to bicycling and rock climbing. There's nearly 300 parks, along with open spaces, all for your relaxation and enjoyment. Here's a few of the outstanding amenities the parks in Albuquerque has to offer.

City Parks

Los Altos Park | 10300 Lomas Blvd NE

This city park offers plenty of recreation options from an indoor swimming pool to a skate park.

Rio Grande Nature Center State Park | 2901 Candelaria Rd NW

The Rio Grande Nature Center is a 38 acre urban wildlife preserve habitat. The park includes a visitors center, two gardens, several wildlife viewing areas, an education building and a building housing the non-profit Wildlife Rescue, Inc. You can also enjoy four constructed ponds that serve as a habitat for birds and other wildlife.

Mariposa Basin Park | 4900 Kachina St NW

Mariposa Basin Park features 3 walking trail loops around ponds, ideal for bird watchers, along with playgrounds & sports fields.

Open Spaces

Albuquerque maintains over 29,000 acres of open spaces.

Golf

There are 4 public golf courses located in the Albuquerque park system. They all include a well-stocked pro shop with rental clubs, range balls, cart rentals, and golf retail merchandise. Lessons are also available.

The oldest course is Los Altos Golf Course and is ideal for beginning to intermediate golfers and features a banquet and grill. Other courses include Arroyo del Oso, Puerto del Sol, and Ladera.

Recreation Activities

You'll find plenty of recreational activities which include basketball, flag Football, shooting range, softball, tennis, pickle ball, model aircraft flying, along with open space activities such as rock climbing, model rocketry, extreme recreation, and bicycling.

There's plenty of fun waiting for you in Albuquerque. Find a park near you:


Contact Information

Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173
Fax: 505-212-0729

Quick links to this site are also SandiSells.net or SandiSellsHomes.com