Homes put up for sale are spending less time on the market, thanks to Albuquerque's tight housing stock, according to the Greater Albuquerque Association of Realtors.

The association released its third quarter report, which shows in July, August, and September, homes were on the market for 48 days, compared to 58 days during the same time period in 2015.

Condos and townhomes spent even less time listed, at 46 days compared to 64 days in 2015.

The housing market is especially tight in Rio Rancho. While the number of new listings was up, the amount of time it takes for them to sell is growing smaller. The average home in Rio Rancho took 38 days to sell, compared to 62 days last year.

“As the inventory remained steady, homes sold much faster and at a slightly higher price,” said Jon Schnoor, president of the Greater Albuquerque Association of Realtors. “While the overall greater Albuquerque area improved, the most homes were once again sold in the Northeast Heights, mid-Rio Rancho and the Southwest Heights."

Overall, there were 3,321 homes sold in the 3Q, higher than the 3,177 homes sold during the same time period last year. The average price of a single-family home was also up. The average sales price was $228,271, compared to last year's $220,928.

Source: Albuquerque Business First