Damon Scott, Managing Editor for Albuquerque Business First:

Officials at the Greater Albuquerque Association of Realtors say January was a strong month for the market.

GAAR said there were noticeable improvements in both the average and median sales price, and in home sales and pending sales for the month.

The median home sales price was $175,000, a 3.24 percent increase compared to January 2015, and the highest for the month of January since 2009 when it was also $175,000. The average home sales price increased 6.77 percent compared to one year ago, reaching $217,247. In January 2009, the average sales price was $214,872.

There were 594 homes sold last month, representing a 10.61 percent jump over January 2015. The 912 pending sales for the month mark a 6.67 percent increase from one year ago.

However, the number of homes for sale in the market continues to decline. The 3,021 homes for sale last month is the lowest inventory since May 2006 when there were 2,966 homes for sale.

The top selling price range last month was between $200,000 and $249,999. There was an increase in homes sold in the $250,000 range and above — 22.3 percent last year compared to 28.3 percent this year. Click here to read the full article.