New Mexico Real Estate Activity: Mixed In April 2023

NMAR News:

In April 2023, New Mexico home sales decreased by 12.75% compared to the previous month. While still 26% behind April 2022 sales, the numbers reflect an increase in the median sold price.

In Q1 of 2023, the National Association of Realtors® reported that Santa Fe was one of the top ten metro areas with the largest percent gains in existing single-family home prices at an 11.7% increase.

National Association of Realtors® Chief Economist Lawrence Yun said the Federal Reserve’s most recent rate hike was unnecessary, and he expects the Fed will stop raising interest rates further. “Inflation will not reignite – inflation will come down closer to 3% by the year’s end,” Yun stated. Fast-rising rent prices remain the largest contributor to elevated inflation. According to Yun, the housing market is being held back by the lack of housing inventory, a problem that existed before the pandemic. “Seeing a drop to 6% rates on 30-year mortgages, we expect to see more renters transition to home ownership as inventory becomes available,” NMAR President Hubert Hill said.

In April 2023, 1,595 sales were reported to NMAR with a median sales price reported at $320,900. While overall sales were down, the median sold price increased by 1.87% compared to March 2023. Santa Fe, Los Alamos and Taos counties reported the highest median sold prices – Santa Fe: $516,799, Los Alamos $515,000 and Taos $478,000. Bernalillo County’s median sold price was $320,000.

The average days-on-market for April 2023 was 49, down six days from March 2023, but up from 35 days reported for April 2022.

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