Albuquerque Housing Market Is on Fire In July 2103
Albuquerque housing market is on fire in July 2013. The new data is out and it is all good news for the Albuquerque housing market. The average home price for Albuquerque homes is up 9.91% in July 2013 compared to July 2012. The average sales price in July 2013 is $229,957 compared to $209,217 in July 2012. The average Albuquerque home price in June 2013 was $225,405.
The median Albuquerque home price in July 2013 is $190,000 up 10.14% compared to a median Albuquerque home price of $172,500 in July 2012.
The average number of days for Albuquerque homes to sell is 51 days in July 2013 compared to 57 days in Jul 2012. This is an improvement of 10.53%.
Closed sales for Albuquerque homes increased by 25.64% in July 2013 compared to July 2012.
By all measures Albuquerque housing market is on fire and is improving each month. I was a little concerned that the recent run up in interest rates would have a negative impact on the Albuquerque housing market. Well that was not the case for the Albuquerque housing market in July 2013. With the economy continuing to improve slowly, we should expect to see good things for the Albuquerque housing market throughout the rest of the year.
So what does all this mean to home buyers and sellers in the Albuquerque housing market? It has become common place to find that homes are receivng multiple offers. If you have been wating to sell your home, now may be a good time to sell. Homes that are priced right sell fast and many will recieve multiple offers. If you have been thinking about buying, it will get more expensive to buy a home the longer you wait. It is getting more expensive to buy homes for two reassons, homes are increasing in value and interest rates are rising. It is my opinion that we will not see interest rates begin with a 3 for 30 year fixed rate mortgages for some time. In fact, I believe we will see 30 year fixed rate mortgages hit 5% long before they get back to the 3% range. In fact we will probably not see 3% interest rates for 30 year fixed rate mortgages for a long time.
This article was written on 8/17/2013 and the Albuquerque housing market data is from the Greater Albuquerque Association of Realtors monthly report.