Aug. 12—New listings and sales were up for single-family detached homes in July, but so was the median sales price — coming in at more than $370,000 for the second time this year.
According to the Greater Albuquerque Association of Realtors, which tracks housing statistics across the Albuquerque metro area, the median sales price in July stood at $370,305. That's the second-highest median sales price this year, coming in just short of May's $372,500 median.
The increase in new listings, pending sales and closed sales show the robust activity taking place in a housing market that is still considered more affordable than in other areas of the country and which continues to have a tight supply.
New listings last month, according to GAAR, stood at 1,086 — a 9% increase from a year ago. Pending sales in July were a 9.3% year-over-year increase for a total of 942.
And of the three, the largest increase in the past year — jumping nearly 10% — was closed sales at 874. That number also grew from June, which saw some 761 closed sales on single-family detached homes.
While the median sales price spiked to its second-highest level this year, which typically happens in months of busier buyer activity, there has been some sense of relief for people looking to purchase their next home.
The 30-year fixed rate was averaging 6.47% last week, the lowest is has been since May 2023, according to Freddie Mac. The 15-year fixed rate mortgage was averaging 5.63% last week, which is the lowest it's been in 2024.