The local housing market ended 2008 much like the rest of the economy--down, with no sign of recovery in the short-term. Almost every indicator, from sales prices to the number of closed sales and new listings continued to be headed in the wrong direction except in one area: Sales of townhomes and condos have generally been stable or on the rise, depending on the month. The median price in December on townhomes/condos was $164,000, an increase of 13% over the same month in 2007, according to the statistics from the Greater Albuquerque Association of Realtors. However, existing detached homes saw the median price fall 10% last month, to $179,000, compared with $200,000 in December of 2007. The median price has not seen the $170's since Feb. of 2006.

The average time a home sat on the market in December was 76 days, down from 80 the month before, but up from 60 a year ago.