The number of homes on the Albuquerque housing market has decreased significantly, leaving fewer options for those wanting to move or to buy a home for the first time.

“Right now, we’re low on supply,” said Gavin Malm, a realtor with Casa Blanca Property Group. “I just checked our MLS (multiple listing services) and we got about 1,500 listings currently and that is just not enough, and that’s really what we’re facing right now, and that is why prices are staying pretty high.”

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A report from the Greater Albuquerque Association of Realtors (GAAR) shows there are fewer homes listed on the market this month, and prices have continued to reach record highs. Families wanting to buy homes are finding it difficult to find a good deal. The GAAR report suggests that homeowners don’t want to give their locked-in mortgage rates, in fear of having to pay a significantly higher rate. Mortgage rates are sitting around 7%, as a result, activity in the market has slowed down, creating more competition.

“Also 7%, and even if it goes a little bit higher, historically isn’t terrible,” Malm explained. “What you got to remember about a mortgage is if you’re looking at a conventional loan product, your mortgage payment is going to be the most you’re ever going to pay.”

According to the report, the number of homes listed on the market has decreased by 25% since this time last year. Not only are there fewer homes to choose from, but the cost has also increased by nearly 5% year-to-year, sitting around $350,000 for a single-family home.