City-by-city price guide: Albuquerque

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Albuquerque, N.M.

Prices are rising with the temperatures in southwest cities such as Albuquerque, but sales volume and building permits are down. Local Market Monitor says home prices are at fair value — there’s only a 7 percent difference between actual prices and equilibrium.
Median price end of 2007: $195,900
Median price end of 2006: $187,500
% change: + 4.5%
Projected change through Q3 2008: + 4.5%
Affordability rating: 4.5
Foreclosures in 2007:
(1 for every 154 households)
2,217
Foreclosures in 2006:
(1 for every 162 households)
2,096
Change in foreclosures: + 5.8%
Current rate comparison
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $187,500
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $195,900
* Median prices for existing single-family homes