Excerpt from the July 25 Albuquerque Journal about home prices-
“ALBUQUERQUE, N.M. — New Mexico’s single-family home sales for June, the second quarter and the first six months of the year continued to show gains over 2015 figures, according to the Realtors Association of New Mexico.
Statewide, home sales in June totaled 1,942, up 3.2 percent from the same period in 2015 when 1,842 homes were sold.
The statewide median price last month rose to $190,000, a nearly 1 percent gain over 2015’s statewide median price of $188,500. The median is a typical market price when half the homes sold for more and half sold for less.
The association’s reports represent single-family residential data only.
During the second quarter, RANM said 5,414 homes sold, a 4.2 percent rise from last year’s number of 5,196 residences. Year to date, the association said New Mexico saw total sales of 9,401 homes from January to June, a nearly 6 percent increase from last year.
The busiest markets year to date were Bernalillo (3,650), Sandoval (1,110); Santa Fe (804) and Doña Ana (798) counties. Dollar volume from home sales in the second quarter stood at $1.2 billion, according to the association.
Median Home Prices
The 2016 year-to-date median price of $182,000 is the highest reported since 2008’s $187,500, said Steven Anaya, CEO of the association.
Sellers are reaping the rewards of a market in which median prices have edged higher every month this year, said Patricia Fell, association president.
Real estate agents report a shortage of inventory and even multiple offers on some homes. “In several of the bigger metro areas, reports are the number of a days a home is on the market is decreasing, particularly on properties priced below $250,000,” said Fell.
“Continued low mortgage rates are good news for the housing market,” said Fell. However, according to research by the National Association of Realtors, high levels of student debt are still a contributing factor keeping some buyers out of the market.