Home prices increased in the Albuquerque metro area by an average of 2.4 percent in October compared to a year earlier, marking 21 straight months of year-over-year price appreciation, according to Corelogic’s Home Price Index.
The average home price in the metro area was considered in the normal range as of October. Nationwide, 46 of the 100 largest metros in the country had registered enough price appreciation to be considered overvalued, including 16 metros in Texas, the Irvine, Calif.-based real estate data and services firm reported.
Nationwide, home prices increased 6.8 percent in October compared to a year earlier. Looking ahead over the 12 months ending in October of next year, the Corelogic HPI projection is for a slowing of home price appreciation nationwide to 5.2 percent.
New Mexico as a whole recorded a 0.3 percent year-over-year gain, for a rank of 48 among states for the highest rate of home-price increase.
