Median Home Price Remain Stable
Albuquerque, NM, July 10, 2014 – The median sales price in the Greater Albuquerque real estate market remained at $180,000 for the second consecutive month and rose 4.7% from June 2013. Median sales is the marker where half of the sales are higher and half are lower.
Average sales price was $213,504 a .5% increase over the same month last year. During June, 2014, 41.5% of the sales were $200,000 or higher compared to June, 2013, where 37.8% of the sales were $200,000 or higher. This trend continues to bolster average sales prices as inventories rise and sales see modest growth. Total sales of detached single-family home were 800 in June down 6.9% from the previous year which were at 859. Pending sales decreased by 5.34% year over year.
“With 4,937 homes for sale, a 6.8 month supply of homes, buyers have plenty of opportunities for their next home purchase,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®.
To see the full report for June market statistics, go to GAAR.com and click on Market Statistics.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3,000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.