Albuquerque Home Values: Trends and Insights
Explore the most comprehensive look at Albuquerque home values using two powerful data sources: the FHFA House Price Index (HPI) and the Zillow Home Value Index (ZHVI).
FHFA House Price Index (HPI) – Quarterly (1978 to Present)
Quarterly HPI: This chart shows the overall home price trends in Albuquerque, updated every quarter, giving you a long-term perspective on property values. The HPI number represents the relative level of home prices over time.
1-Year Change in HPI (Annual Appreciation): Shows how Albuquerque home values have increased or decreased year-over-year, helping you understand market appreciation or downturns.
Quarterly Change in HPI: Track short-term fluctuations in home values each quarter, ideal for spotting recent market shifts.
Zillow Home Value Index (ZHVI) – Monthly (1999 to Present)
Monthly Home Value (ZHVI): The value of the typical mid-tier home in the Albuquerque area. Updated monthly to reflect the current market value. All single-family homes and Condos in the area. Not Seasonally Adjusted.
1-Year Change in ZHVI: This chart shows how Albuquerque home values have grown or contracted annually, giving a clear view of Albuquerque Home Price trends.
ZHVI vs. HPI: Understanding the Differences in Albuquerque Home Value Metrics
The Zillow Home Value Index (ZHVI) and the Federal Housing Finance Agency House Price Index (FHFA HPI) are two different measures of home price trends, each with unique methodologies and purposes. Here’s a breakdown of the key differences:
What They Measure
ZHVI (Zillow Home Value Index): ZHVI reflects the median value of typical homes in a given area (like the Albuquerque MSA). It is based on Zillow's proprietary model, which estimates home values using public and user-submitted data on home transactions, tax assessments, and price trends. Focuses on median home values, giving insight into what the "typical" home in the market might be worth today.
FHFA HPI (House Price Index): FHFA HPI measures changes in home prices over time, tracking how much homes bought with conforming mortgages have appreciated or depreciated. It relies on data from Fannie Mae and Freddie Mac-backed mortgage purchases. Focuses on price changes (appreciation or depreciation) rather than the current market value.
Data Sources
ZHVI: Uses a wide range of sources, including public records, listings, and user-provided data. It aims to capture all homes, including those not currently for sale.
FHFA HPI: Only includes home transactions financed through mortgages backed by Fannie Mae and Freddie Mac. This excludes homes purchased with cash or non-conforming loans, meaning it focuses on a more specific segment of the market.
Frequency of Updates
ZHVI: Updated monthly, providing a more frequent, real-time view of current market conditions.
FHFA HPI: Updated quarterly, offering a more stable, long-term perspective on price trends.
Market Segment
ZHVI: Broad coverage, including all types of homes (whether mortgaged or not), which gives a broader snapshot of the entire housing market.
FHFA HPI: Only tracks homes financed with conforming mortgages, which can exclude luxury homes or properties in areas with higher-than-average home prices.
Usefulness
ZHVI: Best for understanding the current market value of homes in a given area and for those interested in buying or selling right now.
FHFA HPI: Best for tracking price trends over time, making it useful for long-term market analysis and understanding housing market cycles.
Summary
ZHVI is great for understanding how much the typical home in Albuquerque is worth today.
FHFA HPI is ideal for tracking how much home prices have increased or decreased over time, offering insight into long-term trends.
Both indices offer valuable insights, but they serve slightly different purposes depending on whether you’re interested in current market values (ZHVI) or historical price changes (HPI).
The Albuquerque Metropolitan Statistical Area (MSA) includes Bernalillo, Sandoval, Valencia, and Torrance Counties.
See more Albuquerque Housing Data with our Monthy Sales Data Update and our Weekly Albuquerque Housing Market Tracker.