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USA Real Estate Blog

New Mexico housing market booms in July

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While the housing market in Lincoln County slowed in July, sales in New Mexico as a whole continue to post record numbers this summer.

“Year-to-date totals for 2018 put the New Mexico housing market on track for another record year,” M. Steven Anaya, Realtors Association of New Mexico chief executive officer said in a release from that organization. “Reports show over 5,000 more sales than last year at this time.”

The pace of homes sold across Lincoln County in July fell 13% from June. Sales during the month numbered 52, with no change from this time last year, according to the Multiple Listing Service from the Ruidoso/Lincoln County Association of Realtors, which reports on all areas contained within the MLS.

Despite the slight decline, median prices experienced a moderate increase, rising nearly 4% to $171,250 in the county. The month ended with 59 sales still pending, 48 fewer homes than July of 2017.

“This has still been a very busy year for real estate in Lincoln County,” RLCAR president Cynthia Clayton Davis said. “Since January, a total of 359 homes have sold, which is 11% more than this time last year.”

Meanwhile, days on market dropped nearly 8% in the county in July from the previous year to 179 days, and months of inventory remains low with 5.9 months available.

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In New Mexico, total home sales rose 32% year-over-year for a total of 18,274 homes sold across the state. The median price increased 5.5% to $200,000.

“July sales numbers reported to the RANM are 4% lower than the numbers reported for June 2018, however this year’s July numbers are 50% higher than the numbers reported in July 2017,” Connie Hettinga, 2018 RANM president, said. “This drop can be attributed, at least in part, to seasonality. July sales numbers have been lower than June totals the past three years as 2,999 July 2018 sales were reported to RANM.”

The median price of a New Mexico property for July was $200,000, slightly lower than June’s $210,000, but still reflects a record price for July median price since RANM starting keeping statewide statistics, she reported. Median price indicates that half the properties sold for a higher price and half sold for a lower price.

A continued rise in inventory, 54,572 July active listings, and an average of 67 days on the market are good news for both buyers and sellers. Buyers are finding more properties to select from and sellers are experiencing quick sales in many areas.

The median price reported in July 2017 was $194,500 with 1,973 sales for a volume of $475,813,756. Those figures compare to July 2018, when the median price was $200,000, the number of sales was 2,999 and the volume hit $759,879,095.

For the first six months of 2016, the median price was $182,000 and for the same period in 2017, $189,000.

Tribune Content Agency

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