RANM: August Housing Market Remains Healthy

REAL ESTATE News:

Statistics reported to the REALTORS Association of New Mexico (RANM) indicate that while August sales numbers are down from July 2015, the 1,705 total sales during August 2015 represents a 5.3 percent increase from sales reported in August 2014.

Median prices continue their upward trend. 

August 2015 median was $185,000. This number is nearly 2 percent higher than the July 2015 median of $181,500 and 4.5 percent higher than the August 2014 median of $177,000. Median price indicates half the properties sold for more, half for less.

“While rising median prices are great news for sellers, according to research from the NATIONAL ASSOCIATION OF REALTORS, affordability is falling,” RANM President Baro Shalizi said. “Housing markets with low inventory levels may continue to experience rising home prices, however, improvement in job creation and steady income gains are necessary to offset major price growth and keep homes affordable. Mortgage applications are currently down for new and existing homes. This trend is partly seasonal; partly a sign that rising rates and rising home prices are having an impact on affordability.”

Year-to-date figures reported continue to keep 2015 sales numbers and median prices ahead of previous years.

Jan.-Aug. 2009

  • 9,245 Sales
  • $176,665 Median 

Jan. – Aug. 2010

  • 9,342 Sales
  • $173,000 Median

Jan. – Aug. 2011

  • 8,869 Sales
  • $167,000 Median

Jan. – Aug. 2012

  • 9,967 Sales
  • $165,000 Median

Jan. – Aug. 2013

  • 11,359 Sales
  • $170,000 Median

Jan. – Aug. 2014

  • 11,293 Sales
  • $175,000 Median

 Jan. – Aug. 2015

  • 12,516 Sales
  • $179,000 Median

“The residential real estate market continues to play an important role in New Mexico’s economy,” RANM CEO  M. Steven Anaya said. “The August volume of $393,286,742 is only a part of the economic activity created by home sales, as every sale also results in activity in the  home improvement, furniture, insurance, title service, and moving sectors.

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.

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