Adobe Stock Sean Locke

Despite rising home prices and mortgage rates and shrinking inventory, home sales in the greater Albuquerque metro area hit a seasonal high in March, Albuquerque Business First staffer Anne Stych reports.

Last month, 1,066 single-family detached homes were sold in the metro area, an increase of 3.45% from the previous year, according to data from the Greater Albuquerque Association of Realtors (GAAR). There was also a 19.15% drop in the inventory of homes for sale and pending sales increased by nearly 18%.

Single-family detached homes sold in an average of 53 days, 3.6% faster than this time last year, for a median sales price of $198,000, a 5.6% increase.

Sales of single-family attached homes increased 8.7% over the same period and pending sales were up 13.6%, despite there being 24.5% fewer homes to choose from.

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