ALBUQUERQUE (KRQE) - Home prices are rising in Albuquerque.
In August, average home prices were over 10 percent higher than they were in August 2012. Experts in the industry say this is a good sign for Albuquerque.
The information comes from a monthly market report by the Greater Albuquerque Association of Realtors. It shows that people are selling more expensive houses and buyers are buying more expensive properties.
The average price of a home is now just over $223,500. That's up 10 percent from last August, when prices were just over $201,800.
This August there were over 850 homes sold, which is over a 100 more homes sold last August. The changes have a lot to do with the improving economy.
Albuquerque has suffered lots of job losses and during struggling times, people could get away with buying homes for less.
The Chief Executive officer of the Greater Albuquerque Association of Realtors says now with unemployment on the decline, the housing market has become more balanced.
“I think a balanced market means you can get a good house for your dollar, yet you're not going to just steal a property or take a property away so it's good," Janice McCrary of the Greater Albuquerque Association of Realtors said.
McCrary says most home buying and selling activity occurs during the summer months, but she still expects more growth this year compared to last year.
It looks like housing prices are on the rise nationally, too. A new study by Case-Shiller shows that individual house prices are increasing in 20 major cities. Albuquerque wasn't included in that study, because the city measures average home prices, not individual prices like in the study.
The Sandoval County sheriff's sergeant hit while investigating a weather related crash remains in critical condition.
John Smith with your forecast and Kim Vallez with your afternoon headlines.
A 21-year-old man faces nine years in prison for killing his father.
Albuquerque fire crews are taking a closer look at an overnight fire.
Officials say the Bernalillo County Treasurer Office is closed Friday after a suspicious substance was found in the office.
One thing that this winter weather can really do is help get you in that holiday spirit.