Current and Year-to-date Key Metrics for the Greater Albuquerque Area

• New Listings decreased 25.0 percent for Single-Family Detached homes and 7.0 percent for Single-Family Attached homes.
• Pending Sales decreased 3.9 percent for Single-Family Detached homes and 13.1 percent for Single-Family Attached homes.
• Inventory decreased 18.4 percent for Single-Family Detached homes but increased 14.5 percent for Single-Family Attached homes.
• The Median Sales Price increased 4.8 percent to $350,000 for Single-Family Detached homes and 4.5 percent to $245,000 for Single-Family Attached homes.
• Absorption Rate increased 6.7 percent for Single-Family Detached homes and 66.7 percent for Single-Family Attached homes.

Nationwide Summary

Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.

Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.

To access the full report Market Report and Green Sheet for July 2023, visit www.gaar.com > News & Events > Market Stats