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2nd Quarter home prices up 4%

Albuquerque, NM, July 21, 2014 – The median sales price for the 2nd quarter of 2014 in the Greater Albuquerque market rose 4.1% to $177,000 when compared to 2nd quarter 2013. The average sales price of single-family detached homes was $216,974, an increase of 4.6% from 2013.

New listings in the second quarter were up 10.91% from 2nd Quarter 2013. Inventory at the end of 2nd quarter was 4,986 detached single-family homes.

Sales of detached single-family homes in 2nd quarter 2014 decreased by 6.9%. The quarter ended with 2,353 home sales compared to 2,526 the same quarter a year before.

“The affordability of homes in the greater Albuquerque area is still very desirable,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “In addition, Down Payment Resource, a GAAR program, provides increased visibility of down payment assistance available to buyers,” said Kynor.

The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.