New Mexico's housing inventory at low point

Posted at: 03/18/2013 8:03 AM
By: The Associated Press

ALBUQUERQUE, N.M. (AP) - New Mexico's inventory of homes listed for sale is at its lowest point in more than a decade.

The Albuquerque Journal reports that home sales and home prices in New Mexico are on the rise, but there are fewer homes on the market from which to choose.

Data from the Greater Albuquerque Association of Realtors shows metropolitan Albuquerque had 3,676 single family detached homes on the market in February.

That's just more than the 3,668 a year earlier and well below the 4,823 in February 2011.

Mark Fleming is chief economist for housing and mortgage analyst at CoreLogic Inc.

Fleming says he thinks one reason why more properties aren't coming on the market is because many homeowners just owe too much to comfortably sell.

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