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Showing posts from July, 2007

Home Prices Aren't Falling in Saturated Market

By Autumn Gray Copyright © 2007 Albuquerque Journal; Assistant Business Editor Patrick King started helping his brother look for his first home at the end of summer 2006. Their price range: $100,000 to $130,000. Their luck? They found one and only one in the Albuquerque metro area "that wasn't a total dump" after looking for almost a year, King said. The Kings' story flies in the face of recent headlines declaring that home sales are down, inventory is high, and buyers have the upper hand. In the Albuquerque metro area, the number of homes for sale is record-breaking. But, as the Kings and others like them are discovering, inventory and slow sales aren't pulling prices down— especially for entry-level homes. The Kings eventually found a 940-square-foot house, which they bought for $126,500. "We felt like we had to act quickly because things like that just don't stay on the market long," said King, who was acting on behalf of his