Home sales his six year high

ALBUQUERQUE, N.M. (KRQE) - Home sales in Albuquerque and the surrounding area are higher than they've been in years. Six years to be specific.

Home sales in Albuquerque are up about 15 percent from the same time last year. In fact this has been the best January on record for six years.

"We have not seen that many home sales since 2007," said Julie Greenwood the President of the Greater Albuquerque Association of Realtors. "It's really exciting."

Homes are selling even faster in Rio Rancho. Sales there are up nearly 40 percent comparing this January to last January.

"I think people just seem to like it out there," said Greenwood. "There's a lot more business out there than there used to be, so when businesses come so do the home sales."

Greenwood also attributes the jump to a drop in home prices and mortgage rates. Statistic show the average home price is down about $10,000.

Houses are selling a lot quicker too. According to the Realtors Association, for sale sighs are now staying up for about a month. Last January it was much closer to three months.

"I believe it's a national trend that we're seeing, and we're kind of right along with what the rest of the nation is doing," Greenwood explained.

Usually the summer months are the busiest for home sales and realtors believe if this trend continues, home sales could double what they were last year.

Right now the hot spots for sales in the metro area are around Upton and on the Westside. In Rio
Rancho it's mainly in the areas just north of Southern and Unser.