Assistant Editor-Albuquerque Business First

Home sales for single-family detached homes in the greater Albuquerque metropolitan area increased 16.29 percent in the fourth quarter of 2012 compared to the fourth quarter of 2011, according to theGreater Albuquerque Association of Realtors.

Sales of attached, condos and townhomes also improved, with a 23.91 percent increase from fourth quarter of 2011.

Average sales prices of single-family detached home ended the year at $206,514 which was a 4.45 percent increase from the fourth quarter of 2011, according to a news release from GAAR. Median sales prices also increased 2.98 percent over the fourth quarter of 2011 and ended the year at $167,500.

Homes were also spending less time on the market. Days on market went from 85 in the fourth quarter of 2011 to 68 days in the fourth quarter of 2012.