Analysis Provided by the Greater Albuquerque Association Realtors® 
Download Market Analysis PDF
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months. New Listings decreased 6.7 percent for Single-Family Detached homes but remained flat for Single-Family Attached homes. Pending Sales increased 31.7 percent for Single-Family Detached homes and 70.8 percent for Single- Family Attached homes. Inventory decreased 69.2 percent for Single-Family Detached homes and 67.3 percent for Single-Family Attached homes. The Median Sales Price increased 13.7 percent to $270,000 for Single-Family Detached homes and 10.6 percent to $190,250 for Single-Family Attached homes. Absorption Rate decreased 73.7 percent for Single-Family Detached homes and 72.2 percent for Single-Family Attached homes. While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.
