NMAR News:
In October 2023, New Mexico home sales decreased by 2.35% month over month. Although still 8.34% behind October 2022 sales, these numbers show that median sales price increased by 3.58% year-over-year.
Compared to September 2023, New Mexico’s median sales price remained relatively stable, declining by only 0.03%.
“Mortgage rates are showing signs of easing for homebuyers, now at 7.44%, up from 7.5% last week,” said Jessica Lautz, deputy chief economist and vice president of research at the National Association of REALTORS® (NMAR). The three-week decline likely peaks and signals a downward trend in mortgage rates, especially as the 10-year Treasury continues to decline from a peak of 5% to now 4.4%. That’s a sure sign.”
“Recent declines in mortgage rates, combined with the decline in 10-year Treasury yields, are encouraging indicators for potential homebuyers and are encouraging them to purchase a home,” said Hubert Hill, president of the New Mexico Association of Realtors (NMAR). We are promoting it further.” It will become more accessible and restore optimism to the real estate market. ”
During October 2023, NMAR received reports of 1,748 sales with a median sales price of $329,900.
Los Alamos, Santa Fe, and Lincoln counties had the highest median sales prices for the month.
- Los Alamos recorded a median sales price of $609,500.
- Santa Fe reached $543,846.and
- Lincoln reported $495,250.
- The median sale price in Bernalillo County was $330,000.
The average number of days listed in October 2023 was 42 days, down two days from September 2023 and lower than the 44 days reported in October 2022.
Housing statistics:
October 2023
- Number of sales: 1,748
- Median price: $329,900
September 2023
- Number of sales: 1,790
- Median price: $330,000
August 2023
- Number of sales: 2,080
- Median price: $335,000
October 2022
- Number of sales: 1,907
- Median price: $318,500