Albuquerque Real Estate is Gaining Stability

Buoyed by lower prices and near historic low interest rates, home sales perked up in the Albuquerque metro region in October. Sales for single-family detached homes last month were 24.12 percent higher than in October 2010 and 9.48 percent higher than September 2011.

The top sales price range in October was $120,000 to $139,000, according to the Greater Albuquerque Association of Realtors’ monthly report.

The increase in homes sold led to an 11 percent increase in the dollar volume, to $114.3 million. Home prices have been dropping most of 2011 and that continued in October, with the average sale falling 10.5 percent, to $201,874 and the median (half above, half below) sale was more than $167,000, a 7.22 percent drop from a year ago. Inventory continues to drop as well as active listings are now at 4,469, which represents a drop of 18 percent compared to October 2010. A paucity of new home building is putting a lid on inventory.