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3rd QTR home prices increase 7%

Albuquerque, NM, October 21, 2013 – Home prices in the Greater Albuquerque real estate market continued to show improvement in 3rd Quarter 2013.  The average sale price for single-family detached homes was $220,587, a 7.1% increase from 3rd Quarter 2012, while the median sale price of $180,000 increased 4.8% from the same time period.   Along with the price increases, sales of single-family detached homes also rose 20.7% when compared to 2012 sales.

“For the second year in a row, 3rd quarter sales of detached single-family homes exceeded sales from the second quarter,” said Julie Greenwood, 2013 President of the Greater Albuquerque Association of REALTORS®, “This fact coupled with days on market decreasing are signals that the market is improving.”

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.