ALBUQUERQUE, N.M. — The median price of a home in Albuquerque reached $370,305 last month, according to the Greater Albuquerque Association of Realtors.

That is an increase of 5.8% from last July. Just a year ago, the median detached home price was $350,000. The average home price also increased 6% from last July to $434,146 now.

The median household income is not keeping up either.

The 2024 New Mexico Housing Needs Assessment shows that while median home prices went up 53% from 2018-22, the median household income increased 22.2% in that same time.

For renters, the situation isn’t as bad. The year-over-year increase in median income for renters outpaced the increase in median rent from 2019-21. However, in 2022, income increased 7.4% YOY while rent increased 7.7% YOY.

The overall inventory of detached homes did increase 23.7% to 1,623, however.