By Stephanie Guzman, Reporter for Albuquerque Business First:

Last month's housing numbers showed home sales in the Albuquerque area continue to improve faster than expected, as the number of homes sold in November broke records.

There were 652 homes sold in the greater Albuquerque market in November, an increase from 601 homes sold the same month last year. The Greater Albuquerque Association of Realtors said it was the strongest November seen since 2006.

According to GAAR's data, there were 8,465 homes sold in 2014. This year Albuquerque has already beat that number, with 8,983 homes sold so far in 2015.

Yet with more housing activity, the market has become tighter for those wanting to buy homes. Homes are selling faster, according to the number of days on the market metric. And there are less homes on the market per buyer. In November of last year, there were 6.38 home listings per buyer, but this year that number dropped to 4.74.

Which means Albuquerque is undergoing an inventory shortage.

"With only 3,486 active listings, the number of homes for sale in November 2015 is down 19.51 percent compared November 2014. This is the first time since June 2006 where inventory has dropped below 3,500 active listings," GAAR said in a report.

Even though there's more demand to buy homes, perhaps the reason fewer people are selling them is because of stagnant home prices. Home prices have remained relatively the same, the average at $213,686 in November.

GAAR president Paul Wilson said with continued activity, he expects the market will produce higher rates of home appreciation as we move into 2016.