Oct. 24—Home prices decreased slightly month over month — usually a normal occurrence as the market slows a bit heading into the holiday season. But that's not exactly a long-term trend homebuyers might notice.
Morgan Cannaday, president of the Greater Albuquerque Association of Realtors, said both the average and median price per square foot have increased recently. The organization expects prices "to be trending back up in (the) October market report," which will be released next month, she added.
As it stands, the median sales price for a single-family detached home stood at $359,000 last month — a $2,000 decrease from August. GAAR's September report, released this month, also shows total closed sales — which includes attached and detached homes — were at 785 compared to 903 in the previous month.
Closed sales are also down from last year, specifically in the detached market. That number stood at 698 last month compared to 772 in September 2023 — a nearly 10% decrease.
But Cannaday noted that supply has increased, "which is good news for homebuyers." New listings in September were at 1,010 for detached homes and the total inventory increased year over year by 24% to 1,841.
"All data points are still indicative of a healthy market," she added.
Meanwhile, the number of days a detached home stood on the market increased from 29 days in August to 33 days in September, according to GAAR data. The year-over-year increase for days on the market jumped by just three days.