Albuquerque Housing Market – Metrostudy 1Q14 Survey Results: Holding Pattern Continues in 1Q14: Opportunities Lie in Recovery

Posted in Albuquerque Market | Posted on 05-01-2014 | Written by Metrostudy News

May 1, 2013: Metrostudy’s 1Q14 survey of the Albuquerque housing market revealed that activity continues to be impeded by a persistently stagnant local economy and rising interest rates. While consumer confidence is slowly recovering on the national level, Albuquerque is still grappling with meager job growth and high unemployment.

According to Metrostudy’s quarterly survey, 294 homes were started in the 1st quarter, up 25% from 4Q13, and down 14% from 1Q13 when 340 homes were started. There were 1,379 annual housing starts in 1Q14, a 3% decline from the 1,419 annual starts in 1Q13. 2014 will likely be the 6th consecutive year with annual starts under 2,000 units for the Albuquerque market, when 5,000-6,000 starts are more in line with long-term expectations. Builders also closed 322 units in the first quarter, down 16% from last quarter, and unchanged from the 322 closings in 1Q13. There were 1,479 annual closings in 1Q14, an 8% increase over the 1,370 annual closings from a year ago.

“The fact that annual starts and closings over the last year are virtually identical indicates that builders are only building to current demand and that builders and banks have very little appetite for speculative inventory, which in a growing market would be justified,” said John Covert, Regional Director of Metrostudy’s Albuquerque and Denver Markets.

Vacant developed lot (VDL) supplies have been on a downward trend for nearly five years as new lot deliveries have yet to exceed home starts during that period. For the fourth consecutive quarter there has been a 68 month supply of lots based on the trailing annual starts pace. Metrostudy counted 7,510 ‘shovel ready’ lots on the ground, an 11% reduction in lots from a year ago.

Builders remain very sensible about inventory levels as the months of supply of total inventory is now 7.2 compared to 8.7 a year ago. This is the lowest supply in months for total inventory since the end of 2008 and is at a level now just slightly above what is considered equilibrium, 6-7 months, for the Albuquerque market. One of the best indicators of the health of the housing market is the measure of finished vacant inventory homes – those units that have been completed but are still vacant at the time of our survey. There are 392 finished vacant units (all product types) on the ground, down 1% from a year ago and still hovering around the lowest levels since 2004. The supply of finished vacant inventory is still high but declining at 3.2 months, above the 2.0 months supply considered equilibrium for the market.

Despite the ongoing weakness of Albuquerque’s economy and housing market, there are plenty of successes to refer to and, maybe more importantly, opportunities that exist as the market recovers. The jobs picture does have some bright spots, including: mining, oil and gas production, technology, tourism and transportation which are all sectors adding to New Mexico’s economy. Sectors that continue to act as a drag on the economy include construction, the federal government, and professional and technical services.

“It’s well documented how Albuquerque trails much of the country in terms of economic recovery, and thus may follow a similar path many markets have experienced in the last year or two with housing as a solid contributor to economic strength,” said Covert. “Until that time comes, builders, developers, and lenders must continue to focus on sound strategy and operational efficiency in order to manage risk and take advantage of opportunities as they emerge.”

For information contact: john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

The Albuquerque market maintains a positive outlook in the first quarter

Posted in Albuquerque Market | Posted on 04-26-2013 | Written by Metrostudy News

(Albuquerque, NM – April 26, 2013) Albuquerque housing market should sustain growth in 2013, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

While job growth is occurring in most markets around the country, Albuquerque employers are still hesitant to increase payrolls. According to the New Mexico Department of Labor, employers shed -900 jobs in the last twelve months as of February. “If there’s a silver lining in the employment numbers it’s that losses are slowing from a year ago when the workforce lost 5,400 jobs. Of the ten job sectors, five are experiencing declines, including Professional & Business Services (-1,000); Trade, Transportation & Utilities (-900); and Natural Resources & Construction (400). Of the five sectors that have experienced increases in payrolls, three account for most of the growth, including Education & Health Services (+700); Leisure & Hospitality (+600) and Information (+600),” said John Covert,  Regional Director of Metrostudy’s Albuquerque  and Denver Markets.

According to Metrostudy’s quarterly survey, 344 homes were started in the first quarter, up +29% from the fourth quarter, and up +16% from 1Q12 when 297 homes were started. There were 1,390 annual housing starts ending in March, an increase of +16% from the 1,202 annual starts in 1Q12. Annual starts have moved up slightly for the fifth consecutive quarter after appearing to have bottomed out in 2011 with 1,140 home starts. “While progress has certainly been slow, builders have kept a lid on inventory as they build only enough homes to satisfy current demand, which is still relatively anemic, “said Covert. Builders also closed 323 units in the first quarter, a decline of -13% from last quarter, and an increase of +15% from the 281 closings in 1Q12. There were 1,371 annual closings in 1Q13, a +9% increase over the 1,263 annual closings from a year ago.

At the end of September there were 963 new homes in inventory, up +2% from last quarter, and up 1% from a year ago. With the modest increase in closings over the past year, the supply of total housing inventory has fallen the last two quarters to 8.4 months, down from 9.1 months a year ago. Equilibrium for total inventory months of supply is between 6-7 months. “Since the total closings numbers are still so low for the quarter, any increase in under construction activity can skew months of supply higher until the units close. One of the best indicators of the health of the housing market is the measure of finished vacant inventory homes – those units that have been completed but are still vacant at the time of our survey,” said Covert. There are 397 finished vacant units on the ground, down -11% from a year ago and the lowest figure since 2004. The supply of finished vacant inventory is still high at 3.5 months, well above the 1.5-2.0 months’ supply considered equilibrium for the market.

Months of finished vacant inventory fell in every price segment, the sharpest declines have been for homes priced above $200,000. In particular, the $225,000 to $249,999 segment actually experienced an increase in the number of finished vacant homes from a year ago, but supply fell from 4.5 months in 1Q12 to 3.0 months in 1Q13. “Closings are up in this price range as pent-up demand of move-up buyers continues to trickle back into the market” said Covert.

“Albuquerque’s long anticipated economic and real estate recovery remains on the slow track. While it appears job growth may turn positive this year, housing, in all likelihood, won’t have enough momentum to be a strong contributor to any economic expansion. For now growth will have to come from someplace else. Companies and families looking to relocate to Albuquerque will be strongly influenced by a relatively low cost of living. Among the lowest of any large western city, Albuquerque’s median home price is now $175,000, up 10% from a year ago, but still below several other neighboring cities,” said Covert.

For information contact:
john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com.

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

Albuquerque’s housing market sees and increase in 3Q12

Posted in Albuquerque Market, National Housing Market | Posted on 10-29-2012 | Written by Metrostudy News

(Albuquerque, NM –October 29, 2012) Despite continued job losses, existing home sales have actually increased, likely due to pent-up demand that has been influenced by low interest rates rather than growth driven by job creation and in-migration. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

According to the New Mexico Department of Labor, employers shed -3,300 jobs in the last twelve months as of August. ”Unfortunately, Albuquerque’s economy is recovering slower than most and employers are still hesitant to increase payrolls,” said John Covert, Director of Metrostudy’s Colorado division.

According to Metrostudy’s quarterly survey, 443 homes were started in 3Q12 up +26% from 1Q12, and up +27% from 3Q11. While still very low, this is the third consecutive quarter with for home start increases. There were 1,312 annual housing starts ending in September, an increase of +10% from the 1,188 annual starts in 3Q11. “Annual starts have moved up slightly for the third consecutive quarter, but strong and sustained growth seems a long way off dues to persistently poor economic conditions,” said Covert. Builders also closed 361 units in 3Q12, an increase of +12% from 2Q12, and an increase of +3% from the 351 closings in 3Q11. There were 1,243 annual closings in 3Q12, a -10% decline from the 1,382 annual closings from a year ago.

At the end of September there were 1,056 new homes in inventory (models, plus finished & vacant, plus under construction), up +8% from 2Q12, and up 7% from a year ago. Since closings continue to fall and inventory is rising, the supply of total housing inventory has been pushed to a new high of 10.2 months, up from 8.6 months a year ago. Equilibrium for total inventory months of supply is between 6-7 months. “Since the total closings numbers are still so low for the quarter, any increase in under construction activity can skew months of supply higher until the units close,” said Covert.

For information contact:
john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data collected by a staff of 650, the company is recognized for its consulting expertise on development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com

10/30/12: Metrostudy 3Q 2012 Albuquerque Market Briefing

Posted in Albuquerque Market, Events | Posted on 10-22-2012 | Written by John Covert

Metrostudy’s next Albuquerque market briefing is a few weeks away. We will review the local and national economies, the resale market, and the results of our third quarter comprehensive survey of the new-home market. This will include an analysis of the classification of lots (A, B, C, D, F) in the market. Additionally, we will briefly preview our new mobile platform for iPads … Metrosearch Insight.

Please select the link below to register your attendance:
Register Here

The briefing details are as follows:

When: Tuesday, October 30, 2012
Time: 8:00 a.m. Continental Breakfast
8:30 a.m. Market Briefing Begins
10:00 a.m. Market Briefing Adjourns

Where: Greater Albuquerque Association of Realtors (GAAR) Facility
1635 University Blvd.
Albuquerque, NM 87102
(505) 842-1433
link for map: Map for Greater Albuquerque Association of Realtors

This is an invitation-only event. Attendees will include only current clients and invited guests from homebuilder, developer, and lender organizations. Please feel free to forward the above link to any of your associates as there is no limit to the number of people who attend from client companies. If you would like to bring a guest from another company, please contact me to discuss. If you have questions, please don’t hesitate to call me at any of the numbers below. I look forward to seeing you at the briefing.

Albuquerque still looking for pick up in new home demand

Posted in Albuquerque Market | Posted on 05-07-2012 | Written by Metrostudy News

(Albuquerque, NM – May 7, 2012) While renewed optimism is somewhat warranted because of national trends in employment and permit growth, levels are still far below peak as well as historical norms, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

According to the New Mexico Department of Labor, employers shed 100 jobs in the last twelve months as of February. This is certainly a marked improvement over the past 4 years with nearly 30,000 jobs removed from payrolls. “The worst of the layoffs appear to be in the past, but businesses across all sectors have yet to find the confidence to begin hiring again,” said John Covert, Director of Metrostudy’s Colorado division.

303 homes were started in 1Q12, up +38% from 4Q11, and up +29% from 1Q11. Builders closed 285 units in 1Q12, an increase of +12% from last quarter. There were 1,267 annual closings in 1Q12. “As Metrostudy has stated in the past, we believe 2011 will be the low-point for starts as builder inventory remains in check, resale listings continue to fall and pent-up demand for homes will slowly be released as the economy begins to improve,” said Covert.

“While the actual number of finished and vacant units has declined from a year ago, move-ins, or closings are at their lowest levels of this cycle pushing months of supply higher in all price points except the lowest and highest,” said Covert. “Albuquerque builders will have to remain patient a while longer until consumer confidence gets a boost from stabilizing home prices, sustained job creation, and lower unemployment, any combination of which would eventually translate to demand picking up for new homes,” said Covert.

For information contact:
john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

Albuquerque housing starts hit a low in 2011

Posted in Albuquerque Market | Posted on 03-01-2012 | Written by Metrostudy News

(Albuquerque, NM– March 1, 2012) Job losses and the poor economy continued to plague the Albuquerque housing market in 2011, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Albuquerque’s current employment estimates indicate that employers continue to shed jobs with the loss of 1,700 jobs in the last 12 months, which amounts to a -0.5% annual growth rate. “Much of the country is experiencing modest gains in job formations and declines in unemployment. While Albuquerque is late to the party, expectations are that positive job growth will return in 2012 but at a very modest pace for local employers and job seekers,” said John Covert, director of Metrostudy’s Albuquerque division. “However, Albuquerque has a lot of catching up to do, since it has lost nearly 30,000 jobs in the last four years.”

219 homes were started in 4Q11, down 37% over last quarter, and down 21% from 4Q10. Builders started 1,134 homes in 2011, a 31% decline from the 1,638 starts in 2010. “It appears likely that 2011 will be the low-point for housing starts as builder inventory remains very low and resale listings begin to draw down. As the economy recovers pent-up demand for homes will slowly be released,” said Covert.

Builders also closed 278 units in 4Q11, a decline of 25% from the 369 closings in 4Q10. There were 1,301 closings in 2011, a decline of 27% from the 1,784 closings in 2010. “Potential buyers remain in a holding pattern until noticeable signs of economic recovery take hold. As such, pent-up demand continues to swell due to buyer anxiety, declining home values, affordability, trouble selling an existing home, and trouble getting a mortgage,” said Covert.

“Total new home inventory has declined to its lowest levels, but closings have dropped sharply enough to raise the months’ supply of housing inventory,” said Covert. The supply of total inventory is at 8.7 months, up from 7.4 months a year ago.

“It goes without saying that 2012 is going to be another year of hunkering down for builders in this market, even if home starts grow marginally,” said Covert.

For information contact:
John Covert @ 720.493.2020 x 201
email: jcovert@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

Albuquerque Market at its lowest point, some improvement ahead

Posted in Albuquerque Market | Posted on 11-04-2011 | Written by Metrostudy News

(Albuquerque, NM – November 1, 2011) 2011 will be the lowest point for builders in Albuquerque as persistent economic woes have weighed heavily on the industry, according to Metrostudy, a national housing data and consulting firm.

“Unfortunately, Albuquerque has yet to experience positive job growth this year driven by employment gains across most sectors,” said John Covert, Metrostudy’s director for the Albuquerque division. Current estimates indicate that employment fell -0.7% by losing -1,600 jobs from last Augusts’ total. This is the 35th consecutive month for in negative territory, amounting to nearly 30,000 jobs removed from the payrolls.

Sales of existing homes were up 7.6% over the year for the month of September, following strong July and August sales. “Historically low mortgage rates this summer and more affordable prices were too attractive for some buyers to ignore and they moved from the sidelines to capitalize,” said Covert.

349 homes were started in the 3rd quarter, up 5% from the 2nd quarter, but down -11% from 3Q10. With the continued decline in quarterly starts, annual starts have also dropped. There were 1,182 annual housing starts for 3Q11, a decline of -30% from the 1,698 annual starts for 3Q10. “This is the lowest annual starts figure posted during the housing recession,” said Covert, “even lower than 2009 when the national and local economies were suffering through their darkest days.”

“This trend reinforces that builders are pushing little speculative inventory into the market, that they are effectively closing homes that are started, and that they are only starting enough homes to meet current demand which is at its lowest point,” said Covert.

“But there is light at the end of the tunnel. Along with a new year come expectations that employers will begin to add to their payrolls giving a much-needed boost to a stagnant economy. As a result, consumer confidence will improve, retail sales will increase, and the resale market will continue to stabilize. Subsequently, declines in real estate values and foreclosure rates will moderate,” said Covert. “Our initial housing forecast for 2012 is for a 20% increase in home starts, which would be a welcomed improvement combined with a slowly growing economy.”

For information contact:
john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

Albuquerque Market up in the air due to persistent local and national economic concerns

Posted in Albuquerque Market | Posted on 08-09-2011 | Written by Metrostudy News

(Albuquerque, NM – August 1, 2011) The government’s debt woes have thrown a wrench into the economic recovery. Consumers are skeptical of any good news about the economy and certainly the homebuilding industry absent any consistently positive reports from day to day, according to Metrostudy, a national housing data and consulting firm.

Albuquerque is one of the few cities still facing negative job growth over the course of the past year. Employment fell –0.8% from last June’s total, the 33rd consecutive month in negative territory. Unemployment remains high which continues to batter an already shaky consumer, according to John Covert, Metrostudy’s director for the Albuquerque division.

There were 3,493 sales of existing homes in the first half of 2011, a decline of –11% compared to the 3,909 sales in the first six months of 2010. “This drop in demanded was expected,” said Covert, “as the comparison to last year is somewhat distorted due to the first time homebuyer tax credit.” Annual sales in June 2011 were 6,765, a decline of –18% compared to the 8,293 annual sales from a year ago. The relative supply of inventory has increased from this time last year to 9.8 months, “a sign that demand remains weak,” said Covert.

338 new homes were started in 2Q11, up 51% from 1Q11 but down –22% from 2Q10. “Again, the homebuyer tax credit distorts the annual comparison. It’s obvious that the tax credit did little to strengthen the Albuquerque housing market, as builders are now back to building the same volume of homes they were prior to the tax credit,” said Covert.

Builders closed 343 units in 2Q11, up 7% from 1Q11, but down –34% from the 516 closings in 2Q10. According to Covert, the gap between housing starts and closings has widened once again as builders remain extremely cautious about specs.

“The uncertainty plaguing our local and national governments is causing skepticism among all housing groups, whether we’re talking about consumers, investors, or builders,” said Covert. “Such skepticism means Albuquerque builders will have to work quite hard to shift wary prospects from the sidelines into sales offices to write contracts. In order for builders to avoid duplicating a year similar to 2009, the lowest during the recession, they will need to start about 900 homes in the second half of 2011, a tall order indeed.”

For information contact:
john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

While waiting for jobs to turn positive, builders in Albuquerque Market must keep options open

Posted in Albuquerque Market | Posted on 05-04-2011 | Written by Metrostudy News

(Albuquerque, NM– May 1, 2011) Builders should consider several possible paths and plan accordingly, as persistent job creation woes keep a lid on housing demand, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

As many cities across the country begin to experience modest job creation, Albuquerque has yet to pull itself into positive territory. Current estimates indicate that employment fell -0.8% by losing -3,000 jobs from last March’s total.

There were 1,481 sales of existing homes in the first quarter, a decline of -3% compared to first quarter sales in 2010. “Not bad considering the frenzy of activity this time last year as first time homebuyers tried to beat the tax credit deadline” said John Covert, director of Metrostudy’s New Mexico division.

There were 1,312 annual housing starts for 1Q11 a decline of -24% from the 1,729 annual starts for 1Q10. Builders also closed 313 units in the first quarter, a decline of -18% from the 382 closings in 1Q10. This was the lowest quarterly closings number counted in a Metrostudy survey.

Buyers must certainly be in a better place today than two and a half years ago, when the economy was in the midst of its worst recession in 80 years,” said Covert. “Yet, the starts numbers suggest otherwise.”

“Jobs will likely turn positive at some point in the next year, buyers and pricing power will return soon after, and builders will start more homes. In the meantime, builders must consider several possible paths, and plan accordingly.”

For information contact:
john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

Albuquerque Market treading water, needs job creation

Posted in Albuquerque Market | Posted on 02-08-2011 | Written by Metrostudy News

(Albuquerque, NM– February 1, 2011) The Albuquerque Market is treading water and needs a boost from job creation, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Albuquerque’s job recovery is lagging behind many parts of the country. Current estimates indicate that employment fell -1.8% by losing -6,700 jobs from last November’s total. Albuquerque’s slow recovery places it 351st out of 362 MSA’s in the country for job creation, with only a few major cities like Chicago, Detroit, Las Vegas, and New York City losing more jobs.

There were 7,181 sales of existing homes in 2010, with monthly over-the-year increases from January through June fueled in part by the final push of the homebuyer’s tax credit. Sales dropped off sharply in the fall and ended the year down 5% from last year’s activity. “On the plus side, the median price of a single family resale home has increased 1.5% from last year to $178,443, but is expected to remain static unless sales increase and inventory declines,” said John Covert, director of Metrostudy’s New Mexico division.

According to Metrostudy’s quarterly survey, there were 1,632 annual new home starts in 4Q10, an increase of 12% over 2009 home starts. But builders closed 1,789 homes in 2010; a 6% increase over 2009 closings.

However, the true test of the market’s health would come after the tax credit’s September deadline for closing homes had passed. Builders ended the year by closing 374 units in 4Q10, a -27% decline from 4Q09. Clearly, demand for housing, both resale and new homes, remains in a fragile state until job growth returns. “Look for starts and closings to end 2011 at around the same level,” said Covert.

“Unfortunately, economic recovery has been slower to materialize in Albuquerque compared to others markets around the country. Use caution while the market continues to find its footing, and keep an eye on job creation as the driving force behind homebuilding’s eventual recovery,” said Covert.

For information contact:
john covert @ 720.493.2020 x 201
email jcovert@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.