Home prices in the Albuquerque metro area increased by the biggest margin in over a year during July, according to the latest Home Prices Index from Core Logic.
The average price on the repeat sale of homes rose year over year by 4%, the strongest gain as a 1.4 percent increase from the preceding month.
Home process in the, metro have improved by fits and starts from month to month, with the most recent decline posted in December.
Albuquerque was among the 98 largest metros in the country to experience price increases year over year in July. Of the 100 largest metros, only little Rock, Ark., and Worcester, Mass., experienced price drops.
Statewide, home prices increased 2.5 percent in July compared with a year earlier, for a rank of 44 among states with the highest home prices appreciation for the month, the Irvine, Calif.-based provider of real-estate data and analysis reported Monday.
New Mexico’s for-sale home market, with average prices at 16.9 percent below the 2007 peak, is dramatically underperforming most of its neighboring states. Colorado, Oklahoma and Texas are among 11 states where average home prices have eclipsed their housing bubble peaks.
“Most states are reaching price levels not seen since the boom year of 2006,” said Core Logic President and CEO Anand Nallathambi in a prepared statement. “Our data indicates that this trend will continue, with more states hitting new all-time peaks this year and into 2015 as the recovery continues.”
From July 2013 to July 2014, home prices nationwide have dropped from 18 percent below the peak to 11.9 percent. Over the same period in New Mexico, home prices have dropped from 20 percent of the peak to 16.9 percent.
States with the biggest gaps from the housing bubble price peaks are Arizona at 28.9 percent, Florida at 33 percent, Nevada at 36.4 percent and Rhode Island at 26.9 percent.
Original Article By: Richard Metcalf- Journal Staff Writer