The Southwest Multiple Listing Service Inc., reports that both Albuquerque and Rio Rancho showed increases in the median sales prices of homes in February. The monthly median price jumped from $175,000 to $185,000, however, overall home sales declined by more than 35 percent compared to Feb. 2008. “The increase of 25.1 percent [in the median home price] from last year for Rio Rancho is probably because we have seen a number of foreclosures eliminated from the market,” said Don Padilla, 2009 chair of the Greater Albuquerque Association of Realtors.

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