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July Home Prices Up

Albuquerque, NM, August 11, 2014– New listings of single-family detached homes for the month of July were 1,592, a slight increase over the same month the prior year. The month closed with 4,967 single-family detached homes for sale which is an increase of 10.5% from July 2013.

Closed sales of single-family detached homes for July were 823. This represents the highest number of closed sales by month during 2014. July 2014 closed sales were 12.35% lower than the same month in 2013.

Average and median sale prices were both up from this same time last year. The median sale price of detached, single-family homes for July 2014 was $190,000, a 4.4% increase from July 2013. The average sales price also increased from July 2013 to $230,750, an increase of 3.7%.

“Sales of homes $200,000 and above have stayed strong during the month of July.” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “Listing inventory remains at healthy levels and there are plenty of great homes to choose from in the greater Albuquerque metro market,” he said.

To see the full report for July market statistics, go to GAAR.com and click on Market Statistics.

The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3,000 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.

Market Report

July 2014 Market Report