• Log In
    • ASK ABQ – Submit a Question
    • Submit a Photo
    • Submit a Story
    • Community Photos
    • About Us
    Facebook Twitter Instagram YouTube
    Trending
    • Mom and son to open new restaurant in former Point Grill location
    • Photos: Northern Meadows decorates for Halloween
    Facebook Twitter Instagram YouTube
    Neighborhood Journal Neighborhood Journal
    Login
    • Rio Rancho North
      1. Enchanted Hills
      2. Loma Colorado
      3. Mariposa
      4. Northern Meadows
      5. Rivers Edge
      6. View All

      PHOTOS: Trick-or-treat in Loma Colorado

      November 1, 2023

      A colorful Memorial Day morning in Loma Colorado

      May 29, 2023

      More Loma Colorado crosswalks to be removed this month

      March 2, 2023

      Spring sports kick off at ERMS

      February 9, 2023

      Mom and son to open new restaurant in former Point Grill location

      November 15, 2023

      Mariposa to host community yard sale

      October 12, 2023

      Mariposa Community Center suggests non-traditional Halloween activities

      October 12, 2023

      RRFR Station 6 officially open for business in Mariposa

      October 12, 2023

      Photos: Northern Meadows decorates for Halloween

      November 1, 2023

      Northern Meadows residents meet privately to discuss POA

      August 8, 2023

      Residents organize meetings to press Northern Meadows POA

      July 19, 2023

      New pizza food truck sets up in North Hills

      July 17, 2023

      Mom and son to open new restaurant in former Point Grill location

      November 15, 2023

      Photos: Northern Meadows decorates for Halloween

      November 1, 2023

      PHOTOS: Trick-or-treat in Loma Colorado

      November 1, 2023

      Mariposa to host community yard sale

      October 12, 2023
    • ABQ NW

      McKinney-Vento Program in urgent need of food donations for APS students

      October 10, 2023

      Experienced Teacher’s Vision for APS Board District 2: Safety, Accountability, and Academic Excellence

      October 9, 2023

      Potential Threat at Alvarado Elementary School Resolved Safely by APS Police

      October 8, 2023

      Trial Begins for Richard Alan Ross in 2018 Albuquerque Double Murder Case

      October 7, 2023

      Community Celebrates Chaparral Elementary for Reducing Chronic Absenteeism

      September 30, 2023
    • ABQ NE

      APD Homicide Detectives Probing Fatal Shooting at Eubank Strip Mall

      October 10, 2023

      McKinney-Vento Program in urgent need of food donations for APS students

      October 10, 2023

      Candidate for APS school board in District 4 stresses the importance of public education

      October 10, 2023

      Adam Cazares Convicted of First-Degree Murder in 2019 Robbery and Shooting Case

      October 8, 2023

      Hate Graffiti Found at La Cueva High School Prompts Investigation and Cleanup

      October 2, 2023
    • ABQ SE

      McKinney-Vento Program in urgent need of food donations for APS students

      October 10, 2023

      Candidate for APS school board in District 4 stresses the importance of public education

      October 10, 2023

      Man Arrested for Involuntary Manslaughter After Shooting Intruder in Southeast Albuquerque

      October 7, 2023

      Albuquerque’s Tiny Home Village Boosts Occupancy, Offering Hope to Residents

      October 2, 2023

      Albuquerque’s Role in World’s Space-Observation Missions Expanding with German Investment

      September 30, 2023
    • ABQ SW

      McKinney-Vento Program in urgent need of food donations for APS students

      October 10, 2023

      Juvenile Suspects Arrested for Shooting Homeless Individuals with BB Guns in Downtown Albuquerque.

      October 9, 2023

      Multiple Guns Found at West Mesa High School Raise Concerns About Campus Safety

      October 7, 2023

      Candidate for APS School Board District 1 Focuses on Equity and Inclusion

      October 7, 2023

      Albuquerque Boxer José Luis Sánchez Sees Golden Boy Opportunity in Upcoming Fight

      October 7, 2023
    • Submit a Photo
    Neighborhood Journal Neighborhood Journal
    Facebook Twitter Instagram
    Home » Home buyers see some relief in prices as inventory grows
    Housing & Business

    Home buyers see some relief in prices as inventory grows

    Interest rates continue to climb
    Scott AlbrightBy Scott AlbrightJuly 13, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The median sales price for single-family detached homes in the greater Albuquerque area decreased by $10,500 from May to June of this year. According to the Greater Albuquerque Area Association of REALTORS® market reports, the median sales price in May was $340,500 and $330,000 in June.

    “In June, the local market started seeing typical summer activity, school is out and there are more homes on the market resulting in lower prices,” GAAR President Bridget Gilbert said in a July 11 press release. “This is good news for home buyers as they will have more choices in their price range.”

    The number of homes on the market increased from 834 in May to 1,086 in June, providing a greater supply for buyers to choose from and helping to stabilize prices. Inventory is still down — and the median price up — compared to the same period last year, though. Inventory decreased by 4.7% since June of last year when there were 1,140 homes on the market. In June 2021, the median sales price of single-family detached homes was $305,000, which is $25,000 less than June of this year.

    In the far Northeast Heights, the number of showings decreased from last month. A GAAR showing report for June 2022 says there were 1,065 total showings in the far Northeast Heights. There were 1,150 total showings in May for the same area, according to GAAR data. The number of showings in North Albuquerque Acres also decreased, going from 282 showings in May to 189 showings last month.

    “Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market,” the June 2022 GAAR Monthly Indicators report reads. “Higher prices, coupled with 30-year fixed mortgage rates approaching 6% have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.”

    In June, the Federal Reserve raised interest rates by three-quarters of a percentage point, the largest rate hike since 1994. Lawrence Yun, chief economist for the National Association of REALTORS®, suggests in a July 13 statement that interest rates may increase even more.

    In a reaction to the most recent Consumer Price Index report, Yun remarked, “Consumer price inflation is the highest in over 40-years and showed no sign of slowing down in June. It rose by 9.1% and is accelerating. The annualized inflation rate (one month change multiplied by 12 months) was an eye-popping 17%. The Fed may be forced to raise interest rates even more aggressively than planned, even with a rising possibility of a recession on the horizon. The mortgage market had already factored in several additional rounds of the Fed’s rate hike, but may have to adjust a bit higher based on today’s uncomfortable inflation rate.”

    home prices interest rates real estate
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Scott Albright
    • Twitter

    Scott covers hyper-local news in the La Cueva High School area of Albuquerque. He previously worked for The Independent newspaper in Edgewood, NM and has published work in the Alibi, Sangre de Cristo Chronicle, Taos News, Big Island Chronicle, and Hawaii 24/7.

    Related Posts

    Photos: Northern Meadows decorates for Halloween

    November 1, 2023

    PHOTOS: Trick-or-treat in Loma Colorado

    November 1, 2023

    RRFR Station 6 officially open for business in Mariposa

    October 12, 2023
    Add A Comment

    Comments are closed.

    • Facebook
    • Twitter
    • Instagram
    • YouTube
    About Us
    About Us

    The Neighborhood Journal aims to help residents be well informed about their neighborhood and feel more connected to their neighbors and community.

    Email Us: info@neighborhoodjournal.com
    Contact: +1-505-823-7200

    7777 Jefferson St. NE, Albuquerque

    PRIVACY POLICY

    Editor's Picks

    Mom and son to open new restaurant in former Point Grill location

    November 15, 2023

    Photos: Northern Meadows decorates for Halloween

    November 1, 2023

    PHOTOS: Trick-or-treat in Loma Colorado

    November 1, 2023
    Follow Us
    • Facebook
    • Twitter
    • Instagram
    • YouTube
    Facebook Twitter Instagram
    • Home
    • About Us
    • Submit a Photo
    • Submit a Story
    © 2025 Neighborhood Journal. Website by Half Pixel.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Continue with Facebook
    Continue with Google
    Lost password?