Rio Rancho Housing Market Average and Median Home Prices Increase in August 2013
Great news finally arrives for home owners in the Rio Rancho housing market. It is great news to see that home prices in the Rio Rancho housing market is finally increasing. The August 2013 average home price in the Rio Rancho housing market increased by 9.23% compared to August 2012. The August 2013 median home price in the Rio Rancho market increased by 12.16% compared to August 2012. The Rio Rancho housing market has seen prices decline every month in 2013 compared to 2012 except February, March, and now August. The entire housing market across the United States has seen very strong prices and Rio Rancho has been lagging most areas.
Rio Rancho Housing Market Sees Huge Increase In Sales Volume In August 2013
Sales volume, the number of homes actually sold is off the charts. Sales volume in the Rio Rancho housing market was up 53.45%. Yes that is a correct number, closed sale were up over 50% in August and July 2013. Actually, sales volume for the entire year in Rio Rancho has been quite impressive. Not only are more homes selling in 2013 compared to 2012, the time to sell a home is also decreasing. In August 2013 it only took 57 days to sell a home, compared to 59 days in August 2012.
Rio Rancho Housing Market Has Plenty Of Inventory
Many markets across the United States are experiencing a shortage of inventory. In fact, it is the norm to see multiple offers on homes that are priced competitively. Rio Rancho housing market still has plenty of homes for sale. In fact the total number of homes for sale is 22% higher in August 2013 as compared to August 2012. This is a good news bad news part of the August report. The increased number of homes for sale means that buyers still have a great selection of homes to choose from. The bad news is that this increase in the number of homes for sale means that it may be difficult to maintain the recent price gains. Almost all the news in the August report is very good for the Rio Rancho housing market. However, there was one piece of data that is a little troubling. The number of homes that went into pending declined by 6.67% in August 2013 compared to August 2012. The number of pending homes is an indicator of the number of homes that will sell in the near future. This number may be an indication that the housing market in Rio Rancho is starting to cool off before it really gets going. Interest rates on mortgages has increased significantly a few months ago. That is the most likely driver for the decrease in pending homes. Only time will tell if the market is headed higher or taking a breather.
This blog written by John Myers on 9/24/2013. All the data used in this report is taken from the Greater Albuquerque Association of Realtors August 2013 Market Report.