Tuesday, July 3, 2007

Abq Homes Prices

Metro Albuquerque and Farmington are among the 11 cities reporting median home price increases of more than 10 percent from the first quarter of 2006 through the first quarter of 2007. The numbers are from the National Association of Realtors.
Albuquerque’s 12.7 percent increase to $193,700 ranked sixth among the eleven while Farmington was tenth with a 12 percent increase to $176,800.
To sure, though, the number of sales in Albuquerque has dropped on a year over year basis. During May, 1,129 homes (both single family detached and townhouses) down 13 per cent from 1,301 in May 2006.
An analysis of the traits common to these 11 communities from CNNMoney.com starts with “positive fundamentals including strong job and population growth, which then fuel demand for houses.”
The 11 cities never had the true boom in housing prices. Prices never overheated. Of the group, only Seattle has a median home price, $380,200, well above the national median of $212,600.
Small size is another characteristic of the group. Seattle leads by a big margin with 3.3 million people. Farmington is the smallest metro with about 126,473 in 2006.

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