Albuquerque's hot resale-homes market followed up a record-breaking May with June transactions not far behind, according to data released Monday by the Greater Albuquerque Association of Realtors.
The association said there were 1,194 closed single-family sales last month, a 6 percent increase from a year ago. May closing volume was even more stellar, with 1,227 single-family home sales, the best-selling month yet in 2017.
Both single-family houses and condos spent fewer days on the market in June in the metro area amid declining inventory, according to the association, which covers Bernalillo, Valencia, Sandoval, Torrance and parts of Socorro and Santa Fe counties. Townhomes and condos moved especially fast, closing in an average of 36 days, compared to 48 days in June 2016.
The median price for Albuquerque-metro single-family houses climbed 0.4 percent in June to $200,000, and they closed in 46 days, one day less than last year's 47 days on the market until sale. Condos fetched an average $159,000, bumping up 6.4 percent from last year, according to the association. Median means half of the homes sold for a higher price and half for a lower price.
The median for single-family homes stood at $190,000 two years ago in the metro market.
With only 3,468 detached homes listed for sale last month and more buyers out and searching, housing inventory continued to tighten, down nearly 19 percent from last year. The inventory for townhomes and condos decreased by nearly 30 percent.
And with fixed-rate mortgage rates remaining low, the pull toward homeownership is expected to continue, according to the association.
"As the Albuquerque area continues to set annual records in home sales prices and homes going under contract, it continues to remain a favorable market for sellers," said Don Martindell, association president. "Homes that are priced right should continue to sell fast this summer."
