NMAR News:

In November 2023, there was an 11.79 percent decrease in home sales in New Mexico compared to the previous month.

While still lagging by 8.34 percent behind November 2022 sales, these figures indicate a 4.99 percent decline in the median sold price on a year-over-year basis. In comparison to October 2023, the November median sold price in New Mexico increased by 1.82 percent.

According to National Association of REALTORS® Chief Economist, Lawrence Yun, “Inflation notched down to 3.1 percent in November despite the incomprehensible rise of nearly 7 percent growth in housing rent. Once rents decelerate into a more realistic 2 percent to 4 percent rise in upcoming months, no doubt due to the oversupply of new apartment units hitting the market, then the overall consumer price inflation will be under the Federal Reserve’s desired inflation rate of 2 percent. At that point, there is no excuse not to cut interest rates…. Mortgage rates will slide under 7 percent next year and may reach 6 percent in a year.”

President Hubert Hill of the New Mexico Association of REALTORS® (NMAR) said, “Predicting the path of interest rates and mortgage rates is a complex endeavor, with numerous variables at play. Our focus remains on supporting a healthy real estate market and providing valuable insights to our members and consumers.”

During November 2023, NMAR received reports of 1,542 sales, accompanied by a median sales price of  $335,000. The counties of Los Alamos, Taos and Santa Fe experienced the highest median sold prices for that month. Los Alamos recorded a median sold price of $682,500, Taos reached $630,000 and Santa Fe reported $530,000. Bernalillo County’s median sold price was $339,295. The average days-on-market for November 2023 was 47, up five days from October 2023.

November 2023
Sales: 1,542
Median: $335,000

October 2023
Sales: 1,748
Median: $329,900

September 2023
Sales: 1,790
Median: $330,000

November 2022
Sales: 1,623
Median: $305,000

NOVEMBER 2023