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With more home buyers than sellers, July prices continued to rise

FOR IMMEDIATE RELEASE

Contact:                   

Jon Schnoor, President,
505-385-2154, president@gaar.com

Kent Cravens, Executive Vice President,
505-724-3481, kent@gaar.com

With more home buyers than sellers, July prices continued to rise

Albuquerque, NM (August 10, 2016) – Even as prices rose through July, homes in the Greater Albuquerque market sold faster than they have in the past several years. This has created a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them as the median detached home price rose 3.2 percent to $189,900 and the average price rose 6.8 percent to $226,192.

While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers –  possibly due to concern that they will not be able to buy the right home once they sell. New Albuquerque metro area home listings decreased 3.3 percent for single-family detached homes and 24.4 percent for condos,  townhomes and other attached homes.  As the inventory of detached home for sale dropped 16.1 percent in July, detached homes sold in an average of 48 days – which is 20% faster than in July 2015.  

Since last July’s home sales were very robust, the 1,060 homes sold in July 2016 remained stable with a negligible 0.2 percent increase.  However, pending sales increased 7.9 percent for detached homes which is good news going into August.

“The low housing supply has already prevented an outright housing boom both in our market and nationwide,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of Realtors. “This is despite near record-low mortgage rates and Albuquerque’s low unemployment rate which is now under 5  percent.” He added,  “The issue is not purchasing power but the low inventory. Should the low inventory trend continue, homes may continue to sell faster at higher prices.”

To see the full report for July 2016 market statistics, click on the link below..

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About GAAR

The Greater Albuquerque Association of REALTORS® (GAAR) is the largest local professional trade association in Central New Mexico with over 3000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice of Real Estate for the Greater Albuquerque Area and the trusted source for accurate real estate market data and trends.

REALTOR® is a registered collective membership mark that may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.

For media assistance, please contact Eva Medcroft at 505-724-3461 or eva@gaar.com.