Metro Home Sales Continued to Increase During April

Since January the monthly number of closed sales of single family detached homes in metro Albuquerque has increased 336 units, or 57%. During April there were 930 homes with sales closed. It was 594 in January.
The big leap was between February and March. The pace of increase slowed considerably in April with sales up 34 units or 4% over March. Still, April closed sales were a nice 10.2% over the 844 closed sales in April 2015.
Homes with the sale closing during April sold in an average of 57 days. That was 13 days faster than during April 2015.
Pending sales—1,211 in April—were 3% over March and 2.6% above the 1,180 pending sales in April 2015.
The 1,650 new listings during April were up slightly—23 units—from March and down 1.6% from April 2015. The 3,275 listings active during April were down 17% from a year ago. Active listings are down a third since the recent peak of 5,043 in August 2014.
Both Median and average prices increased during April over the previous year. The $185,000 median price was 4.6% above the $177,500 during April 2015. The average price, $217,616, increased 3.5% or about $7,000 from April 2015, but dropped $535 from March.