The future looks bright for New Mexico Housing
Happy February, Wishing everyone a great start to the first quarter in 2023.
Here are some key Stats from the state. Our future is bright; Interest Rates are down. Inventory is up. and Spring Buyer season has all but begun in many parts of the state. Take a look at some of the statewide statistics. While we may not see the stats we saw in the last two years; homes are still closing at top dollar prices and in reasonable time frames. Buyers are motivated and low inventory is keeping prices consistent across the state.
The Following stats are from a report Brought to you from the New Mexico Association of Realtors.
- The Median Sale Price Increases by 4.24% over last year
- Our year over years stats show a stablilizing market with overall closings back to pre 2020 numbers.
- Homes on average are spending 48 days on the market and average one price drop before closing.
- Taos county wins the number spot with homes closing at an average of $518500 per unit sold.
From our NMAR President Hubert Hill: "Inflation has dropped to 6.5% along with interest rates that dropped to 6.27% meaning buyers will take advantage of the latest mortgage rate dip and some of the in trepidation on purchasing a home may diminish with the mortgage rate dip"