New Mexico housing price increases rank high in the U.S.
ALBUQUERQUE, N.M. (KRQE) – Across the nation, housing prices are on the rise, new data from the Federal Housing Finance Agency reveals. And in the last year, New Mexico ranked as the state with the 23rd largest increase in single-family home prices.
From the first quarter of 2023 to the first quarter of 2024, New Mexico’s housing price index rose by 7.04%. That number measures increases in single-family housing prices after being seasonally adjusted.
Since 1991, New Mexico has seen a 295% increase in single-family housing prices, the data shows. That’s a bigger change than prices in Connecticut, New Jersey, Delaware, Illinois, and a range of other states.
Within New Mexico, Albuquerque’s home prices have seen an even larger increase. Since 1991, Albuquerque single-family housing prices have risen by 298%, the data shows. Over the last year alone, Albuquerque’s single-family home prices rose by more than 8%.