The local housing recovery showed signs of stalling in July with the Albuquerque metro area standing out as the only large metro in the country showing a year-over-year drop in average home price, according to CoreLogic.
Home prices decreased by a tiny 0.2 percent in July compared with the same month a year earlier, according to the Irvine, Calif.-based company’s Home Price Index. Of the 100 largest metros, only Albuquerque experienced a decline.
Home prices nationwide jumped by an average of 12.6 percent from July 2012 to July of this year, the 17th consecutive month of a year-over-year increase in home prices.
CoreLogic reported July’s average home price in Albuquerque dropped by a tiny 0.3 percent from the preceding June. Nationwide, home prices increased month-over-month by 1.8 percent.
CoreLogic uses a huge database to track the sales prices of the same properties as they are bought and sold over time.
Statewide across New Mexico, the average home price was flat year over year, the second-worst performance in the country behind only Delaware. Home prices grew 27 percent in Nevada, 23.2 percent in California and 17 percent in Arizona to lead all states.
“Home prices continue to climb across the nation in July with markets hit hardest during the downturn leading the way,” said Anand Nallathambi, President and CEO of CoreLogic. “Nationally, home prices are now within 18 percent of their peak levels reached in April of 2006.”
The average home price in New Mexico is within 20 percent of the peak level of May 2007. Home prices in 11 states have returned to their peak levels in CoreLogic’s July report, including neighboring Colorado, Oklahoma and Texas.
“Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand,” said Mark Fleming, CoreLogic’s chief economist.