Home prices continue to slip in the Albuquerque metro area, falling farther in July compared to last July than in seven years, according to statistics from the Greater Albuquerque Association of Realtors. The median price of an existing, detached home last month was $196,000, an 8.96% drop from the median of $214,900 in July if 2007. The average, or mean, price declined 7.92% in the same time period, from $261,699 last year to $240,986 this past July. The median, the price at which half the homes sold above and below, is a better indicator of the market than the average price because it is not swayed by unusual extremes at the high or low end.

While the local market continues to hold its value better than many cities, sales are sluggish. Homes in the Albuquerque metro market sit on the market an average of 68 days, according to July statistics. That wait is about a month longer than last year, in part because buyers have so much choice. There were 6,402 existing, detached single-family homes on the market in July, an increase of 8% over last year, statistics show. It would take about nine months to sell off the current housing supply, the association says. An inventory that could be absorbed in six months is considered to be healthy.