NMAR News:

• • • • • Los Alamos recorded a median sold price of $601,250

New Mexico Association of REALTORS® (NMAR) announces that in July 2024, there was an 9.46% increase in home sales in New Mexico compared to the previous month. Down 4.12% from June 2023 sales, these numbers indicate a 10.44% increase in the median sold price on a yearover-year basis. Compared to June 2024, the July median sold price in New Mexico increased by 2.59%. Active listings have increased 8.81% compared to this time last year.

According to National Association of REALTORS® Deputy Chief Economist and Vice President of Research, Dr. Jessica Lautz, “Mortgage interest rates may still not be low enough for homeowners with golden handcuffs who have a mortgage under 4% to make a move—unless there is a compelling reason like a family or job change. While the Fed Funds rate cut is expected, mortgage interest rates should stay in the 6 percent range.”

New Mexico Association of REALTORS® President Coleen Dearing offered, “Even with rates expected to stay around 6%, NM REALTORS® are here to guide and support both buyers and sellers through these decisions. We can provide valuable insights, help navigate the market, and ensure that your real estate transactions align with your unique needs and long-term goals.”

During July 2024, NMAR received reports of 1,793 sales, accompanied by a median sales price of $357,000. The counties of Los Alamos, Santa Fe and Taos experienced the highest median sold prices last month. Los Alamos recorded a median sold price of $601,250, Santa Fe reported $592,500 and Taos reached $510,000. Bernalillo County’s median sold price was $349,000. The average days-on-market for July 2024 was 44, holding steady from June 2024.

Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to the NATIONAL ASSOCIATION OF REALTORS®. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLS, New Mexico MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County 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 are based on reports run Aug. 08, 2024. Visit www.nmrealtor.com (housing trends) for county statistics.

July 2024
Sales: 1,793
Median: $357,000

June 2024
Sales: 1,638
Median: $348,000

May 2024
Sales: 1,819
Median: $353,000

July 2023
Sales: 1,870
Median: $323,250

About The New Mexico Association of REALTORS®:

The New Mexico Association of REALTORS® is one of the state’s largest trade associations, representing more than 7,500 members involved in all aspects of the residential and commercial real estate market.