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Thursday, April 18, 2013

Housing Market Continues to Improve

Housing Market Continues To Improve
2013 First Quarter sales and median prices reported to the REALTORS Association of New Mexico (RANM) show an increase over 2011 and 2012 first quarter reports.
3,306 sales were reported in the first quarter of 2013. This tops the 2012 number of 3,018. 19 reporting counties showed an increase in sales numbers this year over last. 1,272 New Mexico sales were reported in March 2013, a 3.7% increase over the number of March 2012 sales.
First quarter 2013 median prices also show an increase over the last two years. The median reported for first quarter 2013 was $165,750, 0.5% higher than the 2011 first quarter median and 3.7% higher than the 2012 first quarter median. The reported 2013 March median was $172,000. While this number is just over 8% higher than the median for March 2012, county-by-county numbers show nearly as many counties reporting decreases as those reporting increases. Median price indicates half the properties sold for more and half for less.
“The housing market is showing plenty of strength, but continues to face challenges, such as homeowners facing negative equity, low inventory of homes for sale, and mortgage credit remaining tight and preventing some buyers from qualifying for a loan,” according to Cathy Colvin, RANM President.
RANM CEO, M. Steven Anaya, cites research from the NATIONAL ASSOCIATION OF REALTORS that indicates housing’s contribution to the economy, while muted in recent years, remains strong. “What’s more, housing’s role will only expand as modest price growth and stronger sales volume boost agent incomes, new construction puts more workers back to work with expanding incomes, and stronger sales and rising prices result in robust follow-on spending.”
The trends and numbers reported are only a snapshot of market activity. If you are interested in buying or selling, consult a REALTOR familiar with your market area; he/she can provide information on specific trends in your neighborhood.
Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Board of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 4/17/13. Visit (housing trends) for county and board statistics.
The REALTORS Association of New Mexico is one of the state’s largest trade associations, representing over 5,200 members involved in all aspects of the residential and commercial real estate market.
Diane Moehlenbrink, CAE, RCE
Communications, Marketing and Events Director
REALTORS® Association of New Mexico
505-982-2442, ext. 164; fax 505-983-8809
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