Wednesday, August 21, 2013
New Mexico July Market Continues Climb!
July Market Continues Climb
July 2013 sales numbers and median prices reported to the REALTORS Association of New Mexico (RANM) continue to out-pace totals from the last two years.
Cathy Colvin, 2013 RANM President, notes, “The July 2013 state-wide median of $180,502 is the highest July median since the 2010 figure of $181,000. The 2013 year to date median ($170,000) is also the highest year to date median reported since 2010, when the median was $173,800.” Median price indicates half the properties sold for more and half for less.
The number of sales in New Mexico also continues to increase. 1,638 sales were reported in July 2013, up 15% over June 2013 sales and nearly 18% over July 2011 numbers. 2013 year to date sales numbers are 11.5% higher than those reported for the same time period in 2012. 9,451 sales have been reported January through July 2013; 8,473 sales were reported for same time period in 2012.
“According to both national and New Mexico sources, homebuilder confidence is rising. Mortgage rates remain low (Freddie Mac reported this week the average rate on a 30-year loan was 4.4%.). And consumer confidence continues to grow. All these trends bode well for a continued growth for real estate markets,” says M. Steven Anaya, RANM CEO.
12 New Mexico counties showed an increase in sales this July compared to figures from July 2012.
14 counties showed an increase in median price from July 2012 to July 2013. Local conditions continue to be a major factor effecting real estate activity – a robust economy and high employment translate to a robust real estate market.
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.