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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.

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.

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 [...]

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: 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. Causes of a Housing Bubble: Increased Demand: Bubbles often start with a surge in demand when supply is limited. Speculation: Speculators pour money into the market, further driving up demand. Investment Inflows: Factors like excess liquidity and deregulated real estate financing can contribute. Mortgage-Based Derivatives: Extreme forms of mortgage-based products can impact home prices1. Impact and Duration: [...]

Albuquerque real estate market, short-term rentals (STRs) can impact your house’s marketability. Let’s delve into their role and impact: Housing Crisis and STRs: Albuquerque is currently grappling with a housing crisis. As our population grows, safeguarding our limited housing stock for local families and future homeowners is crucial for long-term prosperity. While STRs contribute to the city’s economy, it’s essential to prioritize local community members who host these rentals. Striking a balance between tourism and housing availability is vital1. Maximizing Access for Locals: Shelter is a basic necessity, and an adequate housing supply is integral to equity, public safety, workforce stability, and economic development. The city aims to: Remove barriers that encourage repurposing properties into more long-term housing. Mitigate excessive utilization of potential permanent dwelling units as STRs. Prioritize residents’ dire need for available housing by [...]

Albuquerque is currently a seller’s market, according to an analysis by Knock, a home loan company. In fact, it ranks as the 10th best market for sellers. The forecast indicates that Albuquerque will continue to be a seller’s market for the next year. Despite nationwide shifts favoring buyers, Albuquerque still experiences a shortage of homes, contributing to its seller-friendly conditions. Affordable homes, first-time home markets, and attached condos remain particularly favorable for sellers. However, mid-level homes within the $450,000 to $700,000 range may offer opportunities for buyers, depending on location. Home prices are expected to continue increasing, so prospective buyers should explore special programs and consider assumable loans to make homeownership more affordable1. For more detailed insights into the Albuquerque housing market, you can refer to the Albuquerque Housing Market Tracker, which provides weekly updates on trends, inventory changes, and price [...]