- Median home price was $370,305
- New listings up 9% over last July
- Closed sales up 9.7% over last July
- Total available inventory 1,623 detached homes
July Median Home Price Just Under Record
The Albuquerque Metro area saw a median home price of $370,305 for detached homes. That’s a skosh under May’s all time record median of $372,750. The high price in 2023 was in June, at $363,500, for perspective.
Because of high prevailing mortgage rates, that near record median drove the housing affordability index down to 80. That’s a hair better than May’s 78 index, but just about as low as it’s been in the last 12 months. That means the median income in ABQ Metro is 80% of what’s necessary to qualify for a mortgage. Not a good number.
You can download the entire report here.
July Sees More Sales at a Slower Pace
Clearly, homes in the Albuquerque area were about as expensive as they’ve ever been this July, but that didn’t reduce sales much. Closings were up 7.6% over last July and up a hair year-to-date at .4% above the same 7 month period in 2023.
That said, the higher inventory numbers seem to have slowed the market a bit. Homes were on market 29 days in July, 38% slower than the 21 days they spent on market last year. That gave us an absorption rate of 2.2 months.
So, buyers are out there and eager to buy, even at these high prices and rates. Sellers are hearing the strong numbers and sometimes setting prices above what the market will bear. That’s what’s adding to the days on market.
If you are interested in more focused numbers for your own neighborhood or one you may be interested in, please reach out to me and I’ll be happy to send you a no obligation report.
– Joe LaMastra, RealABQ Real Estate, August 15, 2024