Analysis Provided by the Greater Albuquerque Association Realtors® 
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The 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic. New Listings decreased 15.2 percent for Single-Family Detached homes and 32.0 percent for Single-Family Attached homes. Pending Sales decreased 7.8 percent for Single-Family Detached homes and 15.5 percent for Single-Family Attached homes. Inventory decreased 46.7 percent for Single-Family Detached homes and 55.7 percent for Single-Family Attached homes. The Median Sales Price increased 18.9 percent to $315,000 for Single-Family Detached homes and 10.8 percent to $209,500 for Single-Family Attached homes. Absorption Rate decreased 50.0 percent for Single-Family Detached homes and 55.6 percent for Single-Family Attached homes. Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.
