Published November 1, 2026 in Market Update

More choice helped cool prices in one part of Bernalillo County

One number stands out from the three months ending August 31, 2026. The Real Estate Data Aggregator counted homes for sale in ZIP 87104 up 45% from a year before. At the same time, the median sale price there fell 15.1%. More supply, lower prices. That is the clearest shift in Bernalillo County this period.

For buyers in 87104, that means more homes to compare and more room to talk price. For sellers, it means price and condition matter more than they did a year ago. Realtor.com reported that active listings grew 5.5% year over year nationally, topping 1.16 million homes for sale. The pattern in 87104 ran well ahead of that national pace.

ZIP 87104: more homes, lower price, still selling

The Real Estate Data Aggregator counted 58 homes for sale in 87104 during the three months ending August 31, 2026. That is 45% more than the same months of 2025. New listings, though, were actually down 19% to 34. So the extra supply came from homes sitting longer, not from a flood of fresh listings.

The median sale price the Real Estate Data Aggregator recorded in 87104 was $365,000, down 15.1% from a year before. That is a real drop, not a rounding difference. Still, 40 homes sold, up 2.6% from the year before. Buyers were active. They just paid less.

Homes in 87104 sold in a median of 38 days, actually 3 days shorter than the year before. The Real Estate Data Aggregator put the average sale-to-list ratio at 98.7%, up 0.1 points. Sellers were still getting close to their asking price. Not every home sat. But the share that went under contract within two weeks fell 8.2 points to 18.6%. Quick sales are less common than they were.

How 87104 compares with nearby ZIPs

The story in 87104 is not the story everywhere in Bernalillo County. Two neighboring ZIPs moved in the opposite direction on price.

In ZIP 87102, the Real Estate Data Aggregator counted a median sale price of $285,000, up 14% from a year before. Homes for sale there rose only 2.6%. Pending sales jumped 25.5% to 64. That is a busier, tighter pocket of the market.

In ZIP 87106, the median sale price was $425,000, up 11.8%. But inventory there fell 26.5%. Fewer choices for buyers, and prices moved up. The Real Estate Data Aggregator counted 87 homes sold in 87106, though that was down 8.4% from the year before.

What the wider picture adds

Realtor.com reported that mortgage rates surged above 7% for the first time since January 2025. Higher rates make monthly payments bigger. That can slow buyers and give sellers reason to price carefully.

Realtor.com also reported that price cuts hit 20.8% of listings nationally in September, the highest share since October 2022. That national pattern fits what the Real Estate Data Aggregator found in 87104, where more supply and a lower median price arrived together.

The Federal Housing Finance Agency reported U.S. house prices rose 2.4% from August 2025 to August 2026. The 15.1% price drop in 87104 ran sharply against that national trend. Not every market, and not every ZIP, follows the same path.

What this means if you own or are buying in these ZIPs

If you own in 87104, the price drop is real. Homes still sold, and they sold in 38 days on median. But buyers have 45% more to choose from than a year ago. Price and condition are doing more work now.

If you own in 87102 or 87106, prices moved up. Inventory in 87106 actually shrank 26.5%. Those are different conditions than 87104, even though the ZIPs are close.

If you are buying, 87104 offers more options and a lower median price than a year ago. The Real Estate Data Aggregator put months of supply there at 4.4, up 1.3 months from last year. More time to look is real, though well-priced homes still moved.

One street can read very differently from the ZIP code around it. If you want to know where your block sits inside these numbers, send me a note.