January 29, 2023

July Median Prices Up From June

Posted on 22. Aug, 2011 by Stephan Helgesen in Economy

The reported July median price for a New Mexico property is 6% higher than June’s median.  The median price for a New Mexico home sold during July was $178,000 compared to $167,900 in June.  This increase is due at least partly to fewer short sales in July and tracks national trends that indicate the number of short sales is going down and prices of non-short sales homes are holding their own, even rising slightly.

While July medians are on the upswing in a majority of New Mexico counties, the year to date median price of a home in New Mexico is 4% lower than the 2010 median year to date price for the same period (January through July).  During July, there were 1,166 total sales reported to the REALTORS Association of New Mexico.  Half the reporting counties showed an increase in sales numbers and half showed a decrease from July 2010 numbers, again emphasizing local real estate markets vary considerably.

Teresa Ramos, 2011 President of the REALTORS Association of New Mexico, reports that “While year to date sales numbers are down from 2010, they are slightly higher than 2009 numbers.  July 2011 numbers are up just over 3% from July 2010.  Stability is slowly returning to the market.”

According to RANM Executive Vice President M. Steven Anaya, “The housing market continues to feel the impact of news from Washington.”  Lawrence Yun, the National Association of REALTORS Chief Economist, speculates, “Even if mortgage rates were to rise because of the (bond-rating) downgrade, this fact is less important in light of the current overly stringent underwriting standards and the general lack of consumer confidence about the economy.  A 30-year fixed rate rising from 4.3% to 4.6% will not change the housing game that much, but a return to normal underwriting standards and a boost to consumer confidence will be the true game changer.”

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.

Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Board of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos Association of REALTORS. Reports represent single family residential data only.  Information does not necessarily represent all activity in any market/county.  Figures based on reports run 8/17/11.  Visit www.nmrealtor.com (housing trends) for county and board statistics.

This article was submitted by the REALTORS Association of New Mexico. The REALTORS Association of New Mexico is one of the state’s largest trade associations, representing over 5,700 members involved in all aspects of the residential and commercial real estate market.


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