Plenty of inventory to choose from, but homes are moving off the market slowly -- averaging 146 days. What about sales in this famous Southwest city?

Santa Fe, New Mexico, nestled in the foothills of the Rockies, has seen its median home price rise this quarter to $403,000. Average sales prices are higher, at $514,492.

Despite a slowdown in the number of closed sales -- down 8.6 percent -- demand continues, as one local expert notes, "Santa Fe is not for the tightly budgeted. Better values can be had in neighboring counties but, then, you're not in Santa Fe. It is the uniqueness of our city and scarcity of land that commands the prices, and it seems demand will continue to drive them upward."

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Published: August 24, 2007

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