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Copyright © 2022 Albuquerque Journal
The Albuquerque metropolitan area’s hot housing market is cooling off during the holiday season. In November, closed sales, single-family detached home contracts began, and median sales prices all fell.
According to the Greater Albuquerque Association of Realtors, the median selling price for single-family homes in November was $328,000, down $7,000 from October but up $18,000 year-on-year.
Home sales also fell in November to 748 from 860 the previous month. The number of contracts for detached houses decreased from 819 in October to 637.
These declines, which have cooled the local housing market somewhat, came amid unemployment for some people across the country during a period of high inflation and a tumultuous decline. It is considered one of the more affordable, but like many other metropolitan areas it faces a supply crisis.
GAAR President Bridget Gilbert said, “As we enter the holiday season, activity in the local housing market starts to decline. ”
Future buyers may also benefit from lower mortgage rates.
The 30-year fixed mortgage rate was 6.33% for the week ending Dec. 8, according to government lender Freddie Mac. The data show the 30-year rate has fallen for the fourth straight week and has been below 7.08% since early November.
Median single-family detached homes are mostly stable throughout the year. The median selling price in January was $310,000, and the highest this year was $340,500 in May.
The average selling price in November is the fourth lowest this year. But some local experts, including Gilbert, don’t think house prices will drop as dramatically soon as experts in other countries have predicted.
This is partly due to the low level of housing supply in the area, with 1,355 single-family homes last month. Single-family single-family homes sold in November were up from last November, but a healthy market is likely to sell thousands more, experts say.
The downturn in the metropolitan housing market has given homebuyers more time to choose their homes. The number of days to market last month was 16th last year and 23rd to 28th October.
With a large metropolitan area and single-family residential neighborhoods in central New Mexico, the median sales price for accessories with far fewer inventories was $245,000. $20,000, up from $229,000 in October. The accessory unit inventory was 79 units last month as well.
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