New listings surpassed 2019 levels for the first time since the pandemic began, up 3%, but failed to keep up with the rate of sales, up 5% year over year.
The national median home price rose 8.2% year over year to $323,800 in July. This is the third time in four months that prices have hit a new all-time high, as low mortgage rates continued to drive a spike in early homebuyer demand that has not been met with a matching surge in homes for sale.
“The housing market is intense right now,” said Albuquerque Redfin agent Jimmy Martinez.