Thursday, October 17, 2013
2013 Home Sales and Median Prices Out-Perform 2012 Numbers
Home sales in New Mexico during September 2013 continue to show a steady increase over numbers reported in 2012. Median prices are also going up.
In September, 1,476 sales were reported to the REALTORS Association of New Mexico (RANM). That total represents a 7.9% increase over numbers reported last September.
September 2013’s median of $177,250 is 4.3% higher than the $170,000 median reported in September 2012.
Year-to-date (January through September 2013) numbers show similar increases over 2012. 12,646 sales have been reported for 2013. At the end of September 2012, 11,335 sales had been reported and at the end of September 2011, 9,979 sales were reported.
The $172,500 2013 year-to-date median is nearly 4% higher than the 2012 year to date median.
According to 2013 RANM President Cathy Colvin, “As usual, New Mexico does not experience the drastic ups and downs seen in many markets. But our increases in both number of sales and median prices have been sustained for several months now and we are optimistic they will continue their upward progress. As always, the state’s economy and job numbers play a big part in New Mexico’s real estate market trends.”
The NATIONAL ASSOCIATION OF REALTORS (NAR) is providing members with continual updates on the government shut down and its effect on the real estate market. M. Steven Anaya, RANM CEO, shares NAR’s latest news, “If the government defaults on its debts, the likely consequence for home buyers that will soon emerge is skyrocketing borrowing costs. The housing market is highly sensitive to changes in interest rates. Nationally NAR estimates a 1% increase in mortgage rates would result in a negative impact of 350,000 to 450,000 sales.”
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.
Diane Moehlenbrink, CAE, RCE
Communications, Marketing and Events Director
REALTORS® Association of New Mexico
505-982-2442, ext. 164; fax 505-983-8809