Analysis Provided by the Greater Albuquerque Association Realtors® 
Download Market Analysis PDF
Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability. New Listings decreased 17.5 percent for Single-Family Detached homes but increased 14.8 percent for Single-Family Attached homes. Pending Sales increased 14.3 percent for Single-Family Detached homes and 12.2 percent for Single-Family Attached homes. Inventory decreased 67.3 percent for Single-Family Detached homes and 50.6 percent for Single-Family Attached homes. This is a research tool provided by the Greater Albuquerque Association of REALTORS® with data from Southwest Multiple Listing Service, Inc. (SWMLS). The SWMLS market areas includes MLS Areas 10-180, 210-293 and 690-760. Percent changes are calculated using rounded figures. The Median Sales Price increased 15.2 percent to $265,000 for Single-Family Detached homes and 14.7 percent to $195,000 for Single-Family Attached homes. Absorption Rate decreased 72.2 percent for Single-Family Detached homes and 53.3 percent for Single-Family Attached homes. For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.
