Increased Listings and Rising Prices Shaped Real Estate Landscape in June 2023
In June 2023, New Mexico home sales increased by 11.04% compared to the previous month. While still 11.59% behind June 2022 sales, the numbers reflect a 8.09% increase in the median sold price year over year. Compared to May 2023, New Mexico experienced a modest 2.31% increase in the median sold price. New Mexico Association of REALTORS® President Hubert Hill is entustiastic about the recent increase in active listings, “New Mexico REALTORS® have been eager for more housing inventory. With a 14% surge in available listings last month, we’ve been able to close more sales and lower the average number of days on the market.”
National Association of REALTORS® Chief Economist Lawrence Yun posits, “Low inflation means low mortgage rates. Therefore, decelerating consumer prices could steadily lift home sales and increase home production in a few months. CPI rose by 3% from one year ago, which is much lower than the 8–9% hikes of last summer and is the slowest gain in over 2 years. Falling gasoline prices and healthcare service costs were helpful. Rents are still climbing at a brisk pace, rising by 8.3%, but have turned the corner for sure. Rents were rising at 8.8% in the early part of the year, so this is the slowest gain in 7 months. The one-month rent gain of 0.5% (or a 5.8% annualized gain) is suggesting further calming in rents in upcoming months. Moreover, with so many empty apartment units under construction, rents could plateau by this time next year.”
During June 2023, NMAR received reports of 2,112 sales, accompanied by a median sales price of $334,000. The counties of Santa Fe, Los Alamos, and Taos observed the highest median sold prices for that month. Santa Fe recorded a median sold price of $532,933, Los Alamos reached $510,000, and Taos reported $494,950. Bernalillo County’s median sold was $352,625. The average days-on-market for June 2023 was 44, down six days from May 2023, and higher than the 36 days reported in June 2022.
Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to the NATIONAL ASSOCIATION OF REALTORS®.
Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLS, New Mexico MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County 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 County 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 05/17/2023. Visit www.nmrealtor.com (housing trends) for county statistics. The New Mexico Association of REALTORS® is one of the state’s largest trade associations, representing over 7,500 members involved in all aspects of the residential and commercial real estate market. New Mexico Association of REALTORS®