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Monthly Newsletter from Sandi Pressley

Real Estate Overview

Note: March 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales retreated in March, following February’s surge of sales, according to the National Association of Realtors®. Each of the four major U.S. regions saw a drop-off in sales, with the Midwest enduring the largest decline last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) fell 4.9% from February to a seasonally adjusted annual rate of 5.21 million in March. Sales as a whole are down 5.4% from a year ago (5.51 million in March 2018).

NAR's chief economist, Lawrence Yun, anticipated waning in the numbers for March. “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

The median existing-home price for all housing types in March was $259,400, up 3.8% from March 2018 ($249,800). March’s price increase marks the 85th straight month of year-over-year gains.

Total housing inventory at the end of March increased to 1.68 million, up from 1.63 million existing homes available for sale in February and a 2.4% increase from 1.64 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.6 months in February and up from 3.6 months in March 2018.

Properties remained on the market for an average of 36 days in March, down from 44 days in February but up from 30 days a year ago. Forty-seven percent of homes sold in March were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.27% in March from 4.37% in February. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 33% of sales in March, up from last month and a year ago (32% and 30%).

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

The History of Albuquerque Comes Alive in These Historic Sites

Here's a fun fact: Albuquerque is one of the oldest cities in America. Even though it was founded in 1706, the Native Americans called this place home for thousands of years. How do we know? Because the Albuquerque area is filled with amazing carvings and relics of the past, such as the ancient rock carvings at Petroglyph National Monument.

Yet it's not only the distant past that makes Albuquerque so interesting. You can see the more recent past as well displayed in the vintage neon signs along Route 66, or the historic Old Town Plaza.

How can explore the rich history of Albuquerque for yourself? There are plenty of ways to discover the distant and recent past of the area through the landmarks and historic sites of the area. Here's a few of the best historic sites in Albuquerque to take you on your own personal journey back in time.

New Mexico Steam Locomotive and Railroad Historical Society

This is a working restoration operation staffed with skilled volunteer welders, pipe-fitters, mechanics and many other trades. Free tours are available to visitors on Wednesdays and Saturdays.

Petroglyph National Monument

Up to 15,000 petroglyphs or prehistoric rock art images have been found on the West Mesa volcanic escarpment, located along a 17-mile canyon outside of Albuquerque.

Albuquerque Old Town

Experience the beauty and charm of Old Town Albuquerque! Founded in 1706, Old Town centers around the Plaza and San Felipe de Neri Church, built in 1793.

Trinity Site

The exact spot where the first atomic bomb was detonated.

Gutierrez Hubbell House

The Gutierrez-Hubbell House is a cultural and agricultural learning center developed to document, research and preserve history, maintain open spaces, protect wildlife and teach agricultural heritage.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

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