All categories of residential real estate posted sales and price gains in August in the Albuquerque metro area, according to the Greater Albuquerque Association of Realtors.

The association reported that 1,071 single-family homes sold in August, which represented a 9.1 percent increase over the same period last year. In addition, 96 townhomes and condo sales were recorded last month, a 7.9 percent rise year-over year.

The area’s shrinking home inventory helped drive up prices. Total inventory was down 16 percent from last year, the association reported.

The median sales price for detached homes was $190,000, up 1.6 percent from the same period in 2015. Attached homes fetched a median price of $139,500, a 4.1 percent rise year-over-year. Median means half of the homes sold for a higher price and half for a lower price. The data cover the city of Albuquerque and Bernalillo, Valencia, Sandoval, Torrance and parts of Socorro and Santa Fe counties.

Compared to last year, homes in the survey area are selling an average of five days faster; condos and townhomes are snapped up an average of 23 days faster, according to the association.

As the summer comes to an end, there’s still plenty of demand from buyers, many of them drawn to low fixed-interest rates. Albuquerque-area rental prices are also up and this may help lure more to home ownership, according to Jon Schnoor, president of the association.

Sellers should feel confident to list homes at fair prices and receive meaningful offers in a much-improved residential real estate environment, said Schnoor. “However, there may be lingering worry over the availability of move-in ready homes to replace what was sold,” he said.

The full report is here. Click on Market Statistics.