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Metro-area home sales up 15.6 percent in Feb.

ALBUQUERQUE, N.M. — With inventory tight in the Albuquerque area, monthly sales of detached, single-family homes still topped the 600-plus mark for February, a 15.6 percent increase over the same period last year and the most homes sold in February since 2007, according to the Greater Albuquerque Association of Realtors.

The association reported Thursday that 638 homes sold in February. The busiest markets were in Albuquerque (439) and Rio Rancho (110).

The association said pending sales of detached homes for February stood at 1,040, a nearly 13 percent increase over last year and the highest for February going back 10 years.

Year-over-year, the median sales price increased 5.3 percent to $178,000, and the average sales price increased 6.51 percent to $212,172. While sales of homes in the $200,000 to $249,999 remain strong, February marked a notable increase inĀ  homes sold in both the $120,000 to $139,999 range and the $250,000 to $399,999 range, the association said.

Once again, inventory of homes for sale in the Albuquerque metro area is down. Compared to the same period in 2015, the 2016 inventory shows a 15.2 percent drop to only 3,108 active listings.

“The year continues to show improvement in the Albuquerque area housing market,” said Jon Schnoor, association president, in a statement.

“The number of homes sold each month continues to grow as the median and average sales price begin to show some upward movement as we begin to move into the busy spring season.”