RANM: Housing Market Continues To Improve

RANM News:

2013 First Quarter sales and median prices reported to the REALTORS Association of New Mexico (RANM) show an increase over 2011 and 2012 first quarter reports.

In the first quarter of 2013 there were 3,306 sales reported. This tops the 2012 number of 3,018.

Nineteen reporting counties showed an increase in sales numbers this year over last. In March 2013, there were 1,272 New Mexico sales reported – a 3.7 percent increase over the number of March 2012 sales.

First quarter 2013 median prices also show an increase over the last two years. The median reported for first quarter 2013 was $165,750, 0.5 percent higher than the 2011 first quarter median and 3.7 percent higher than the 2012 first quarter median.

The reported 2013 March median was $172,000. While this number is just over 8 percent higher than the median for March 2012, county-by-county numbers show nearly as many counties reporting decreases as those reporting increases.

Median price indicates half the properties sold for more and half for less.

“The housing market is showing plenty of strength, but continues to face challenges, such as homeowners facing negative equity, low inventory of homes for sale, and mortgage credit remaining tight and preventing some buyers from qualifying for a loan,” RANM President Cathy Colvin said.

RANM CEO M. Steven Anaya cites research from the NATIONAL ASSOCIATION OF REALTORS that indicates housing’s contribution to the economy, while muted in recent years, remains strong.

“What’s more, housing’s role will only expand as modest price growth and stronger sales volume boost agent incomes, new construction puts more workers back to work with expanding incomes, and stronger sales and rising prices result in robust follow-on spending,” Anaya said.

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; she/he can provide information on specific trends in your neighborhood.

Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 4/17/13. Visit www.nmrealtor.com (housing trends) for county and board statistics.

The REALTORS Association of New Mexico is one of the state’s largest trade associations, representing over 5,200 members involved in all aspects of the residential and commercial real estate market.

 

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