RealABQ Real Estate

Albuquerque Housing Market Update – March 2026

Albuquerque Housing Market Update – March 2026

Key Takeaways
  • New listings declined slightly year-over-year, with detached home listings down 3.9%
  • Pending sales for detached homes increased 11.5%, signaling stronger buyer activity heading into spring.
  • The median price for single-family detached homes decreased 2.3% to $365,000.
  • Homes took slightly longer to sell, with average days on market rising to 47 days
  • Inventory remained relatively tight, with about 2.1 months of housing supply available.

What’s Happening in the Albuquerque Housing Market?

The Albuquerque housing market in March showed a mix of improving buyer activity along with some price stagnation, seeing a slight decline in the median price of a single family home. While the number of new listings entering the market declined slightly compared with last year, pending sales increased noticeably for detached homes. Buyers definitely became more active as we headed into spring.

While home prices softened that modest 2.3% compared with March 2025 and homes took a little longer to sell than a year ago, inventory levels remain below what is typically considered a balanced market. Add in the significant increase in pending sales and we should see prices climb a bit over the next month or so.

While somewhat goofy overall, the Albuquerque real estate market continues to show signs of stabilization. Read or download the full March report here.

New Listings

New listing activity declined year-over-year in March, continuing a trend of somewhat limited inventory growth across the Albuquerque housing market.

  • Single-family detached new listings: 1,047 homes
  • Year-over-year change: down 3.9%
  • Single-family attached new listings: down 10.6%

Fewer new homes coming onto the market can help keep overall supply constrained, especially as buyer demand improves during the spring season. While inventory levels are higher than they were several years ago, Albuquerque still remains relatively undersupplied compared with long-term historical norms.

Closed Sales

Closed sales activity was relatively stable overall, although the detached and attached markets moved in different directions.

  • Single-family detached closed sales: 784
  • Year-over-year change: up 2.8%
  • Single-family attached closed sales: down 25.7%
  • All-property closed sales: down 0.6% overall

The increase in detached home sales is an encouraging sign for the Albuquerque real estate market, especially after slower activity earlier in the year. Pending sales also rose sharply for detached homes, which says we’ll see strong closing numbers in the coming months. especailly if buyer demand continues to strengthen.

Although activity is not as aggressive as during the ultra-competitive pandemic market years, buyers are clearly still active in well-priced segments of the market.

Home Prices

Home prices in Albuquerque showed a modest year-over-year decline for detached homes in March.

  • Median single-family detached median price: $365,000
  • Year-over-year change: down 2.3%
  • Year-to-date median detached price: $369,000
  • Average detached sales price: $426,754

Even with the slight decline in March pricing, first quarter year-to-date prices are slightly higher than last year, suggesting the market is stabilizing rather than weakening. Price moderation may also reflect buyers becoming more price-sensitive due to mortgage rates and affordability concerns.

The Albuquerque housing market continues to show underlying price support because inventory remains relatively limited compared with buyer demand.

Days on Market

Homes are taking somewhat longer to sell compared with last year, although properties that are priced appropriately are still moving at a reasonable pace.

  • Average days on market for detached homes: 47 days
  • Year-over-year change: up 4.4%
  • Attached homes averaged 38 days on market

An increase in days on market generally indicates slightly less urgency among buyers. Sellers need to be more realistic about pricing and property condition than they were during the peak seller’s market years.

However, average marketing times remain relatively moderate by historical Albuquerque standards.

Inventory

Housing inventory remains limited overall, although the market is gradually moving toward more balanced conditions.

  • Detached homes for sale: 1,611
  • Year-over-year inventory change: down 5.3%
  • Months supply of inventory: 2.1 months

A balanced housing market is typically considered closer to five or six months of supply, so Albuquerque still leans toward seller-favorable conditions overall. That said, buyers generally have more options and negotiating flexibility today than they did during the height of the market frenzy several years ago.

What This Means for Albuquerque Buyers and Sellers
Buyers

For buyers, the Albuquerque housing market is becoming somewhat more manageable than it was in recent years. Homes are staying on the market a little longer, and price growth has moderated compared with previous years.

Buyers may find:

  • More negotiating opportunities
  • Less intense competition in some price ranges
  • Slightly improved affordability conditions
  • More time to evaluate homes before making offers

However, inventory still remains relatively tight. For well-priced detached homes in desirable neighborhoods we’re still seeing some multiple offer situations. Buyers need to appreciate that if they see a home for sale that checks all their boxes, they’re likely not alone and competition for that home may be fierce.

Sellers

For sellers, buyer demand remains healthy, particularly in the detached home segment. Well-prepared and competitively priced homes are still attracting attention and selling within reasonable timeframes.

Sellers should focus on:

  • Accurate pricing from the start
  • Strong property presentation
  • Realistic expectations regarding timelines and negotiations

While the Albuquerque real estate market still favors sellers overall on paper, buyers appear more selective than they were in past years. Accounting for this in pricing and presentation is key to a quick and sure sale.

– Joe LaMastra, RealABQ Real Estate, April 13, 2026

Albuquerque Housing Market Update – March 20262026-06-08T19:19:44+00:00

Albuquerque Housing Market Update – February 2026

Albuquerque Housing Market Update – February 2026

Key Takeaways
  • New listings declined year-over-year, with overall listings down about 8.9% compared with February 2025, meaning fewer homes entered the Albuquerque market.
  • Pending sales increased 16.5% for single family homes, indicating strong buyer activity heading toward the spring season.
  • Home prices continued to rise modestly, with the median price for single-family homes reaching $375,000, up 4.2% year-over-year.
  • Homes are taking slightly longer to sell, with average days on market increasing to around 53 days overall.
  • Inventory remains limited, with about 2.1 months of housing supply, keeping the Albuquerque market competitive.

What’s Happening in the Albuquerque Housing Market?

The Albuquerque housing market in February 2026 continued its gradual adjustment after several years of extremely tight inventory and rapid price growth. Home prices are still rising, but at a more moderate pace, and homes are taking slightly longer to sell than they did during the most competitive market conditions.

At the same time, buyer activity appears to be strengthening again. Pending sales increased compared with last year, suggesting that more buyers are entering the market as the spring season approaches. Despite some month-to-month fluctuations, the overall market remains relatively stable with steady demand and limited housing supply.

For buyers and sellers alike, the Albuquerque housing market has become slightly more balanced, while still maintaining many characteristics of a seller-leaning market.

Read or download the full February report here.

New Listings

As we saw in January, February showed a decline in the number of homes entering the market. Overall new listings dropped about 8.9% compared with February 2025, reflecting fewer homeowners choosing to sell at this point in the year.

For single-family homes specifically:

  • Single-family detached listings: down 8.1% year-over-year
  • Single-family attached listings: down 16.7% year-over-year

Lower listing activity can tighten supply, particularly early in the year when inventory levels are already limited. When fewer homes come onto the market, buyers often have fewer options to choose from, which can help support price stability.

As the spring season progresses, it’ll be interesting to see whether listing activity increases, as this is typically when many homeowners choose to sell.

Closed Sales

Closed sales in February were somewhat lower than the same time last year.

Across all property types, 673 homes closed during the month, representing a 7.9% decline compared with February 2025. For single-family homes we saw 610 closings, down 7.3% year-over-year. For attached homes there were 63 closings, down 13.7% compared with last year

However, pending sales increased a significant 13.6%, suggesting buyer activity may be strengthening. Pending sales, homes that have gone under contract but have not yet closed, often indicate the direction the market may move in the coming months.

If we continue to see increased pendings, we’ll see increased closings follow.

Home Prices

Home prices in Albuquerque continued their gradual upward trend in February.

The median price for single-family detached homes reached $375,000, a 4.2% increase compared with February 2025.

Other price indicators also showed modest growth:

  • Average single-family home price: approximately $429,902, up 2.7% year-over-year
  • Overall median sales price across all properties: about $364,000, up 2.7% from last year

These increases reflect the ongoing imbalance between supply and demand. Even though the pace of price growth has slowed compared with earlier years, steady buyer demand continues to push home values upward.

Days on Market

Homes continue to sit on-market longer than they did a year ago, though the change is relatively modest.

In February, the average days on market increased to about 53 days, up 8.2% compared with February 2025.

For single-family detached homes specifically:

  • Average time to sell: about 54 days
  • Year-over-year change: approximately 5.9% longer than last year

While homes are staying on the market slightly longer and sellers adjust to the change, buyers are enjoying a bit more time to evaluate their options. And keep in mind, sellers are also typically buyers, here or somewhere else. So it’s a push, overall.

Inventory

Housing inventory remains one of the defining factors in the Albuquerque market. At the end of February, there were approximately 1,744 homes available for sale across all property types, representing a 4.7% decline compared with last year.

This equates to about 2.1 months of housing supply at the current pace of sales. Balanced markets historically have 4–6 months of supply, so it’s not what anyone would call a buyer’s market. Lower supply levels tend to favor sellers.

With inventory still well below balanced-market levels, competition among buyers will stay strong for well-priced homes.

What This Means for Albuquerque Buyers and Sellers

Buyers

Buyers will find the Albuquerque market slightly easier to navigate than during the intense competition of recent years. Homes are staying on the market a bit longer, giving buyers more time to evaluate properties and make decisions.

However, limited inventory means buyers still need to be prepared to act quickly when they find the right home. Well-priced properties in desirable neighborhoods often still attract multiple offers.

Sellers

Sellers continue to benefit from relatively low inventory and steady demand. Home prices are still rising, though at a more moderate pace than in previous years.

Pricing a home correctly remains critical. Homes that are competitively priced and well presented tend to attract buyers more quickly, while overpriced listings may take longer to sell in today’s slightly more balanced market.

– Joe LaMastra, RealABQ Real Estate, March 14, 2026

Albuquerque Housing Market Update – February 20262026-06-08T20:11:10+00:00

Albuquerque Housing Market Update – January 2026

Albuquerque Housing Market Update – January 2026

Key Takeaways

  • New listings dropped 13.1% compared with January 2025, meaning fewer homes entered the Albuquerque market.

  • Closed sales declined about 13% year-over-year, reflecting somewhat slower buyer activity.

  • The median price for single-family homes reached $369,000, up 2.5% from last year.

  • Homes are taking slightly longer to sell, with average days on market increasing to 51 days.

  • Housing inventory has increased slightly, about 1.6% for detached homes.

What’s Happening in the Albuquerque Housing Market?

The Albuquerque housing market in January 2026 showed a mix of stability and gradual change. Home prices continued to rise modestly, inventory improved slightly, and homes took a bit longer to sell compared with last year.

These trends suggest the local market is continuing its shift away from the extremely competitive conditions seen in recent years and toward a more balanced environment for both buyers and sellers.

While activity has cooled compared with the peak years of the housing boom, the Albuquerque market remains active and relatively healthy overall.

You can read or download the full January report here.

Fewer Homes for Sale in Albuquerque

One of the biggest changes this month was the decline in new listings. Across all property types, new listings fell 13.1% year-over-year, with 889 homes hitting the market in January.

There were 796 single-family detached homes listed and 93 condos and townhomes. So while overall inventory is up, the year is kicking off with a reduction in homes coming on market. Many homeowners remain hesitant to sell because mortgage rates today are still higher than the ultra-low rates available several years ago. That “lock-in effect” means some homeowners are choosing to stay put rather than list their homes.

Albuquerque Home Sales Slowed Slightly

Closed sales also declined compared with last January. We saw 598 homes close across all property types, representing a 13% decrease from January 2025, when 687 homes closed.

For single-family detached homes we closed 534 deals, down 12.7% from last year. And for attached homes (condos and townhomes) we closed 64 sales, down 14.7%. However, pending sales remained relatively steady, suggesting that buyer demand is still solid in the Albuquerque real estate market. Detached pending sales dipped slightly, while attached homes actually saw a small increase in contracts.

So buyers are still active, but may be taking a bit more time when making decisions.

Albuquerque Home Prices Continue to Rise

And yet, despite slower sales activity, home prices in Albuquerque continue to show modest growth. The median price for single-family detached homes reached $369,000, representing a 2.5% increase compared with January 2025. Average (mean) prices also rose slightly to about $415,235.

Townhomes and condos showed a slightly different trend. The median price for attached homes fell to $260,000, down 3.3% year-over-year.

Across all property types combined, the median home price in Albuquerque reached $352,000, reflecting slight but continued price growth of 1%.

Homes Are Taking Longer to Sell

Another sign that the Albuquerque real estate market is normalizing is the increase in time it takes homes to sell.

For single-family homes:

  • Average days on market: 51 days

  • Up from 48 days last year

Attached homes experienced a larger increase, rising from 40 days to 59 days on market. While homes are taking longer to sell compared with the ultra-fast pandemic-era market, these timelines remain well within normal historical ranges.

This mean sellers should adjust their expectations somewhat. For buyers, this is good news, giving them slightly more time to evaluate options and negotiate.

Albuquerque Housing Inventory Is Slowly Improving

Housing inventory in Albuquerque has increased slightly, giving buyers a few more choices.

At the end of January:

  • 1,616 single-family homes were available for sale, up slightly from last year

  • 161 attached homes were on the market

Overall, the market currently has about 2.1 months of supply, which is still well below the six months typically considered a balanced market.

That means Albuquerque still leans toward a seller-favored market, even though conditions are gradually becoming more balanced.

What This Means for Albuquerque Buyers and Sellers

For buyers, the Albuquerque housing market is becoming slightly easier to navigate. Inventory has improved, homes are taking a little longer to sell, and price growth has slowed.

For sellers, demand remains strong for well-priced homes. Properties are still selling for about 98% of their list price on average, meaning accurately priced homes continue to perform well.

As we move further into 2026, the Albuquerque real estate market appears to be stabilizing into a healthier long-term balance between supply and demand.

– Joe LaMastra, RealABQ Real Estate, February 12, 2026

Albuquerque Housing Market Update – January 20262026-06-09T17:28:20+00:00

Albuquerque Housing Market: What Happened in 2025

Albuquerque Housing Market Report: What Happened in 2025 and What to Expect in 2026

The Albuquerque housing market continued adjusting in 2025 after several years of rapid price growth and extremely competitive conditions. Higher mortgage rates slowed activity nationwide, and affordability challenges made it harder for some buyers – especially first-time buyers – to enter the market.

Even so, our local housing market proved resilient. Home prices continued rising, inventory slowly increased, and sales activity stabilized after declines in previous years.

If you’re thinking about buying or selling a home in Albuquerque, understanding these trends is key. Here’s a breakdown of what happened in the 2025 Albuquerque real estate market and what it could mean for 2026.

Key Albuquerque Housing Market Trends for 2025

• The median home price in Albuquerque reached $360,000, rising 2.9% from 2024
• Closed home sales increased slightly to 9,969 homes, up 1.2% year-over-year
• Inventory increased modestly, with 1,850 homes on the market at year end, up 4.8%
• Higher-priced homes saw the strongest demand, while entry-level price ranges experienced slower sales
• Experts expect mortgage rates near 6% in 2026, which could help stabilize the housing market further

Albuquerque Home Prices in 2025

Home prices in our area continued rising in 2025, although the pace of appreciation slowed compared with the dramatic increases seen between 2020 and 2023. The median sales price increased to $360,000, representing a 2.9% year-over-year increase. Meanwhile, the average home price reached $417,233, up 4.1% from the previous year.

While those increases are relatively moderate, they reflect a broader reality: housing prices remain significantly higher than they were before the pandemic housing boom. Across the country—and in Albuquerque specifically—home values today are roughly 50% higher than pre-pandemic levels.

For homeowners, this means substantial equity growth over the past several years. For buyers, however, affordability remains a major challenge.

Albuquerque Home Sales in 2025

After declining for several years following the peak market of 2021, home sales in Albuquerque began stabilizing in 2025. A total of 9,969 homes were sold, representing a 1.2% increase from 2024. Pending sales also increased slightly to 10,062 homes, indicating continued buyer interest despite higher mortgage rates.

Although sales volume remains below the peak levels seen earlier in the decade, the small increase suggests the market may be finding a new equilibrium.

One key factor affecting both national and local sales has been the “lock-in effect.” Many homeowners who secured mortgage rates below 3% during the pandemic have been reluctant to sell and take on higher interest rates. This has limited the number of homes entering the market.

Housing Inventory in Albuquerque Is Slowly Increasing

Inventory remains one of the most important factors shaping our housing market. In 2025, the number of homes available for sale increased modestly. At the end of the year, there were 1,850 homes on the market, compared with 1,765 the previous year. New listings also increased, rising 3.9% to 13,121 homes listed during the year.

While inventory remains historically low, this gradual increase is an important shift. For several years, buyers faced extremely limited options and intense competition. In 2025, conditions began moving toward a more balanced market.

Buyers now generally have more time to evaluate homes, while sellers need to be more strategic about pricing and presentation.

Which Price Ranges Are Selling the Most?

Another notable trend in the Albuquerque real estate market is how activity varies across price ranges.

Homes priced above $379,000 represented the largest share of sales and experienced an 8.6% increase in transactions. At the same time, homes priced between $200,000 and $274,999 saw sales decline by 15.8%.

This shift likely reflects affordability challenges facing many first-time buyers. Rising home prices combined with higher mortgage rates have made it more difficult for entry-level buyers to enter the market. Add to that, there are simply fewer good homes in that lower price range.

Meanwhile, move-up buyers and homeowners with significant equity remain active, which helps explain stronger activity in higher price ranges.

What to Expect in the Albuquerque Housing Market in 2026

Looking ahead, the Albuquerque housing market is expected to continue stabilizing. Mortgage rates declined somewhat during the second half of 2025, and many economists expect rates to remain around 6% in 2026. If that forecast holds true, several trends may follow:

1. Sales activity should increase
Lower borrowing costs typically encourage more buyers to enter the market.

2. Inventory most likely grows
As more homeowners decide to sell, the number of available homes should gradually increase.

3. Home prices will likely rise modestly
I’d expect price growth to continue, but at a slower and more sustainable pace than the rapid appreciation of recent years.

So, rather than dramatic changes, the most likely scenario for 2026 is a rise in buyer activity that tracks a slightly wider inventory of homes as well as lower mortgage rates, and a resulting steady and more “normal” price improvement.

The Bottom Line: Albuquerque Real Estate Is Moving Toward Balance

The Albuquerque housing market in 2025 demonstrated resilience despite national affordability challenges and elevated mortgage rates. Home prices continued to rise, inventory improved slightly, and sales activity stabilized after several years of decline.

For buyers, the current market offers more options and less urgency than the market we saw just a few years ago.

For sellers, success increasingly depends on correct pricing, effective marketing, and presenting homes well to stand out in a more competitive environment.

Overall, the Albuquerque housing market appears to be transitioning toward a healthier, more balanced market, which benefits both buyers and sellers over the long term.

What This Means for Albuquerque Buyers and Sellers

Numbers are helpful, but what do these trends mean for you?

If You’re Thinking About Buying

The Albuquerque market in 2025 is noticeably less frantic than it was a few years ago. Buyers generally have more homes to choose from and slightly more time to make decisions.

That doesn’t mean great homes sit on the market forever. Well-priced homes in desirable neighborhoods still move quickly, but buyers are no longer competing with the high number of offers we saw during our peak market a couple years ago.

If mortgage rates continue trending toward the 6% range or even lower in 2026, more buyers may re-enter the market. That could increase competition again, especially in the most popular price ranges.

If You’re Thinking About Selling

The market still favors sellers in many areas of Albuquerque, but the strategy has changed. A few years ago, simply listing a home often produced multiple offers within days. In today’s market, pricing and preparation matter much more.

Homes that are well-priced, clean, and marketed effectively are still selling successfully. Homes that are overpriced or poorly presented may sit longer than they would have in the past.

The Big Picture for Albuquerque

Overall, the Albuquerque housing market appears to be moving toward a more balanced environment.

That’s actually a healthy sign. Markets that are extremely tilted toward either buyers or sellers tend to be unstable. A balanced market generally leads to more predictable prices, more normal negotiation, and healthier long-term growth.

– Joe LaMastra, RealABQ Real Estate, January 29, 2026

Albuquerque Housing Market: What Happened in 20252026-03-17T21:47:49+00:00

Albuquerque Home Sales ~ October 2025

  • Median Albuquerque home prices held steady in October

  • New listings in Albuquerque rose by 2.9%
  • Closed sales fell by 4.1% to 763 homes sold
  • Pending sales rose 8.7% to 786 homes in escrow
  • Affordability improved slightly to 85
  • Total inventory rose 8.7% to 2,131 available homes

Are Albuquerque Home Prices in a Correction?

There’s been a lot in the news about home prices declining or correcting. In some areas of the country that’s the case. Here in Albuquerque, while the market is not particularly hot, it’s not in any sort of decline at this point. The median price of a metro area home this October was $369,900, while last October it was $370,000. That’s essentially a push.

For the year through October, the median price of a home was $370,000, which is a slight increase over the same period last year, which saw a $360,000 median. That is a slight increase of 2.8%. Fair to say October was a slow month. The federal shutdown started on October 1st, but keep in mind closed sales in October were, for the most part sales that were inked in August and September.

Closed sales fell 4.1% to 763 homes sold this October from last October’s 796 sales. I’d hazard the looming shutdown over those two months may have had a chilling effect on the market, but it’s hard to be sure of that.

Both new listings and pending sales increased this October. 973 homes came on market compared to 946 last October, a modest 2.9% rise. Pendings rose from 723 in October 2024 to 763 this October, a more robust 8.7% increase. It’ll be interesting to see how that shakes out for sale prices in November and December, when most of those pendings will close.

You can read or download the full October report here.

Would you Rather be a Seller or Buyer now in Albuquerque?

Well… Buyers certainly have a better selection of homes now than they did at this point last year. Mortgage rates were a skosh better this October compared to last, with rates hovering in the low 6% range versus last October’s mid 6% rates, so that’s also a slight plus.

But with rates not a whole lot better, it’s that higher inventory that’s working in buyers’ favor at this point. For sellers, the inventory brings more competition and the rates a bit of optimism. Me? I’d rather be buying than selling right now.

On the other hand, sellers who need to sell and buy something else will be benefiting from the mortgage ate improvement and stronger inventory of homes. A seller who may be kicking the idea around would probably better off holding until the first of the year.

– Joe LaMastra, RealABQ Real Estate, November 14, 2025

Albuquerque Home Sales ~ October 20252025-12-09T18:43:45+00:00

Albuquerque Home Sales ~ April 2025

  • Median Albuquerque home prices rose 4.3% in April
  • New listings in Albuquerque also rose by 4.8%
  • Closed sales fell a hair, 1.3% to 787 homes sold
  • Pending sales rose 11.3% to 833 homes in escrow
  • Affordability is an abysmal 82
  • Total inventory rose to 1,418 available homes

Are Albuquerque Home Prices on the Decline?

National news is starting to talk about home prices on the decline. That is certainly true in some parts of the country, but not everywhere and not quite here in central New Mexico. The median sale price of a Metro area home in April was $365,000. That’s a solid, 4.3% rise over April 2024’s $350,000 median.

In fact, for the first four months of 2025 the median selling price of a home rose 5.5% from $346,122 in 2024 to that $365,000. So it’s not quite accurate to say prices have declined. Why not “quite?” Indeed, we’re off the high price point over the last 12 months. In July of 2024 the median home price was just north of $$370,000 and just this past March we saw a median sale price of $374,500.

Albuquerque home prices do tend to peak in the summer months, so we’ll have to wait a bit to see how things shape up this summer. And that March spike is an oddity, almost one-off. Typically sale prices are lower in the spring than they are in the summer and the only time in the last 5 years we saw spring prices higher than summer prices was in 2022.

You can read or download the full April report here.

Are We Seeing a Buyer Market Develop in Albuquerque?

Maybe a complicated question, with a lot of factors to consider. Investopedia gives a nice explanation in this article. But on the face of it, looks like we’re trending that way at this point. While we’re still historically low in inventory, we’re seeing new listings coming on at a higher rate than closings and home going pending.

We’re also seeing more price reductions and the sell price to list price reduce slightly. Anecdotally, we’re seeing more seller concessions with pending sales, though that’s not an easily trackable stat and is more a word on the street kind of thing.

The average time for an Albuquerque home to stay on the market before a deal is inked has indeed climbed. The average days on market (DOM) in April was 39. That’s a 25.8% increase over the 31 days we saw in April 2024. Year to date the average DOM is sitting around 45, a 28.6% rise over the first four months of 2024.

Considering that prices are holding high, a little bit of a buyer’s market is a good thing. It should entice more buyers into the market. More buyers means more sales, of course. Good for everybody, even if sellers have to adjust price more often or give a few more concessions. We’re coming out off a goofy, unhealthy period in Real Estate and a little normalcy is not a bad thing.

I’m writing this late in May and I’m already seeing indications that May will continue the move to buyer market conditions. I’m looking forward to seeing the full May statistics and where that puts us.

– Joe LaMastra, RealABQ Real Estate, May 25, 2025

Albuquerque Home Sales ~ April 20252025-12-02T21:13:37+00:00

Albuquerque Home Sales ~ September 2024

  • Median Albuquerque home prices dropped a hair to $359,000 in September
  • New listings in Albuquerque dropped to 1,010
  • Closed sales fell by a whopping 15.6% to 698 homes sold
  • Pending sales rose a skosh to 834 homes in escrow
  • Affordability creeped up to a frustrating 88
  • Inventory rose a bit to 1,841 available homes
Are These Albuquerque Metro Housing Stats Accurate?

OK, yes and no. Median Albuquerque home prices rose, actually, depending on how you look at it.

Residential real estate statistics reported in the news, here in Albuquerque or nationally, often compare the current month, in this case September, to the prior month. So, comparing August to September yes, these stats are accurate.

But month to month comparisons in a seasonal market can be misleading. Albuquerque Metro home sales are most definitely a seasonal market, with price spikes often coming in the late spring or early summer. Inventory spikes also typically happen in that period.

Home prices tend to tail off toward fall and winter. That’s in part because the nicest homes sell in spring and summer and options are often lower quality at the end of the year.

It can be more useful to compare a particular month to the same month in earlier periods – last year or over the course of a few years. Doing it that way yields these bullet points:

  • Median Albuquerque home prices rose a skosh to $359,000 in September
  • New listings in Albuquerque rose to 1,010
  • Closed sales fell a significant -9.6% to 698 homes sold
  • Pending sales rose a whopping 26.2% to 834 homes in escrow
  • Affordability creeped up to a frustrating 88 (OK, no change)
  • Inventory rose sharply to 1,841 available homes

I’m going to lean into these numbers. Not because I’m a glass half full guy, but because comparing historical numbers makes sense. It’s more illustrative of the Albuquerque housing market over time. Same with the national market.

September Median Home Price Levels

The Albuquerque Metro median detached home price was $359,000. That’s a bit higher, just over 1%, than last September’s $354,945. And yes, it is indeed about half a percent lower than the $361,000 median we saw this August.

As I reported in my August market blog that beats the national numbers. Realtor.com reports September home prices dipped about 1% compared to last September. They point out again, price per square foot is up somewhat. That suggests buyers are intentionally buying smaller homes as a cost saving measure.

I looked at our square foot numbers here in Albuquerque Metro. Comparing August & September of 2023 to 2024 I see no appreciable difference in size. In 2023 the median square footage of a sold home was 1,822. This year it was 1,812. Smaller, but not by a significant amount.

For the year through September 2024, Albuquerque area home prices were up 4.3%. The median year-to-date single family home price in Albuquerque Metro was $359,990. That’s no change over what we saw through August and I’m suspicious the number is incorrect. It may be updated in a week or two.

September also saw mortgage rates stay down in the low to mid 6% range. That helped housing affordability in Albuquerque inch up to 88. The Housing Affordability Index (HAI) indicates whether the typical buyer makes enough money to buy a home. It’s a measure that compares median income to median home price. An 88 means the typical Albuquerque buyer has 88% of  the income needed to buy the average home. 88 is not a good number. The ideal is 100 or higher. Still, it’s a nice improvement over last September’s 80 and this August’s 85.

You can read or download the full September report here.

Albuquerque Housing Inventory Climbs

Albuquerque Metro had an average of 1,841 homes on market in September. That’s a 24% rise over September 2023 (1,485 homes) and a high point for 2024. It’s also higher than any month in 2023. That higher inventory may help keep prices level moving into fall. Good for buyers and a push for sellers, who often are looking to buy something else.

New listings are up 8% over last September at 1,010. In fact, for the year to date new listings are also up 8% over the same period last year. There is pent up need for sellers to sell and some of them may well have stopped waiting for mortgage rates to come down.

September Sees Fewer Closings, more Pending Sales

Closed sales dropped 9.6% in September over last year. For the year to date, sales are down by a slight 1%. 698 single family homes closed sale in September compared to 772 closings last year. For the year to date we closed 6,719 homes compared to last year’s YTD sales of 6,793.

On the other hand, 834 homes went into escrow this September, a nice jump over last September’s 661 pendings. We also saw a bump in pendings YTD from 7,014 through September in 2023 to 7,132 this year. That’s up 1%

More homes on the market and improved mortgage rates are unlikely to push prices lower, however. As we move into fall and see the election cycle ramp up it’s unclear how the market will respond. Stay tuned –

– Joe LaMastra, RealABQ Real Estate, October 10, 2024

Albuquerque Home Sales ~ September 20242026-06-08T21:04:39+00:00

Albuquerque Home Sales ~ August 2024

  • Median Albuquerque home prices leveled out at $361,000 in August
  • New listings in Albuquerque also level out at 1,075
  • Closed sales fell by 7.4% to 827 homes sold
  • Pending sales also fell by 4.3% to 829 homes in escrow
  • Affordability creeped up to a still terrible 85
  • Inventory rose sharply to 1,751 available homes

August Median Home Price Levels Out

The Albuquerque Metro median detached home price was $361,000. That’s a bit higher, just under 1%, than last August’s $357,690. Since many August closings were homes that went into escrow in June and July, a main driver of that leveling is certainly the increased inventory of available homes we saw in early summer. Quite a contrast with July’s numbers, which saw us hit almost a record high.

That’s also a hair better than the national numbers according to Realtor.com. They report August home prices actually declined about 1.8% compared to last August. They point out price per square foot is up somewhat, suggesting buyers are looking for smaller, lower priced homes. I don’t have a clean number to refer to in ABQ at this point on home size.

For the first eight months of 2024, Albuquerque area home prices were up a solidly unremarkable 4.3%. The median year-to-date single family home price in Albuquerque Metro was $359,990.

Since August also saw mortgage rates fall gently into the 6% range, housing affordability rose slightly, from a very poor index of 80 in July (and 80 in August 2023) to 85. Still a hard number for buyers, but a positive trend.

You can read the full report here.

Inventory Climbs

Albuquerque Metro had an average of 1,751 homes on market in August. That’s a 28.7% rise over August 2023 (1,361 homes) and the highest inventory number in 2024. It’s also higher than any month in 2023. Available inventory in 2023 peaked in October, with 1,406 homes available on average throughout ABQ metro.

Having said that, we saw only 1,075 new listings come on market in August, essentially the same as August 2023. That tells me sellers may be holding back somewhat. Maybe even waiting for September’s interest rate adjustment by the Fed to see where things land.

We may also be seeing the market take a deep breath before the November elections.

August Sees Fewer Closings and Pending Sales Drop

Closed sales dropped 7.4% in August over last year and held steady over the first eight months of 2024. We closed 827 single family homes in August compared to 893 closings August 2023. In the first eight months of 2023 ABQ Metro closed 6,021 home sales while year-to-date this year we’ve closed 6,010 homes.

There was also a drop in contracts this August with 829 homes going into pending status. Last August saw 866 homes go into escrow. That’s a decline of 4.35.

What’s this mean as we head toward Fall? Hard to say, of course. Mortgage rates have dropped into the low 6% range. That followed bond rate adjustments that have come in anticipation of the upcoming Fed rate cuts, so there’s a very good possibility some buyers are timing the market and mortgage rate cuts.

As Albuquerque home buyers realize the mortgage rates cuts have already taken hold, there could be a nice spike in buyer activity. If buyers are fortunate, we could see a spike in selling, too, as sellers loosen up and make their own moves.

– Joe LaMastra, RealABQ Real Estate, September 10, 2024

Albuquerque Home Sales ~ August 20242026-06-08T21:06:26+00:00

Albuquerque Home Sales ~ July 2024

  • 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

Albuquerque Home Sales ~ July 20242024-09-09T17:59:35+00:00

Are We in a Housing Bubble?

We’re currently witnessing a housing market surge, which has raised concerns about the possibility of a housing bubble. Let’s delve into what a housing bubble is and whether we might be experiencing one:

  1. Definition of a Housing Bubble: A housing bubble occurs when residential real estate prices sharply rise due to factors like demand, speculation, and exuberant spending. This surge creates an expectation of future price growth, attracting new buyers and speculators hoping to profit. However, it’s a temporary condition that can eventually lead to a collapse123.
  2. Causes of a Housing Bubble:
  3. Impact and Duration:
  4. The Mid-2000 U.S. Housing Bubble:

While signs of a housing bubble exist, it’s essential to monitor market conditions and policy responses to assess the situation. Remember, bubbles are temporary, but their impact can be far-reaching.

Are We in a Housing Bubble?2024-04-10T19:10:03+00:00
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