The metro area housing market remained mostly unchanged in the latest report from the Greater Albuquerque Association of Realtors. But the median sales price of a single-family detached home and days on market until sale both increased in February, though not enough to sway the market in either direction.
According to GAAR, the median sales price stood at $325,000 last month, up from January’s median sales price of $316,000. The latest median sales price is also a year-over-year increase of $10,000.
Days on market until sale for single-family detached homes stood at 37 days last month, up from 34 days in January and a year-over-year increase from 17 days when the market was much hotter and when interest rates were lower.
“Despite the rise in interest rates, housing prices in the Albuquerque market remain stable,” Carrie Traub, the 2023 GAAR president, said in a statement. “We are seeing minimal decreases in prices and even though the numbers are not reflecting it, we are beginning to see more multiple offer situations again.”
Interest rates have, in fact, risen. The 30-year fixed mortgage rate, as of mid-March, stood at 6.73%, according to Freddie Mac. That’s up from a low this year in early February of 6.09%.
Inventory for single-family detached homes was 896 last month. Inventory was 950 in January but February’s number is a year-over-year increase of 208 units, according to the data.
The median sales price for a single-family attached home was $225,000. But inventory is much thinner, standing at 44 units, according to GAAR’s data.
