May housing numbers are on the same track as previous months this year, not as good as 2018's record setting year, but better than any other year since 2008, said Paul Wilson, president of the New Mexico Association of Realtors.
The association began keeping statistical information on statewide home sales in 2008.
Wilson said 2,510 properties were reported sold in May 2019, he said.
"This number is less than 2018's 3,087 reported May sales, and 273 more sales than reported in May 2017. 2019 year-to-date sales total 9,698," he said. "A less robust market this year compared to last may also be due to some fallout from the recent changes to the tax code.
"Current homeowners are grandfathered into the previous mortgage interest deduction, which is higher than what consumers can get nowadays. Plus, would-be move-up buyers may be wary of higher property taxes, now that the deduction for state and local taxes has been capped."
"Median prices for New Mexico properties continue to grow with the May median reported at $220,000 compared to the April 2019 median of $210,000," said NMAR Chief Executive Officer Steven Anaya.
Median price means half the properties sold for more; half for less.
"The May median is the highest reported since NMAR started keeping statistical data," Anaya said. "This continued appreciation of property is generally good news, but often, even with low mortgage rates, higher prices offset the savings a buyer has to bring to the transaction."
May's average "days on market" was 65, the shortest time reported during the last two years, NMAS officials reported. Ten New Mexico counties posted average days on market under the statewide average. Local economic conditions continue to play a large role in housing market activity, they said.
The trends and numbers enumerated are only a snapshot of market activity, they said. If someone is interested in buying or selling, they recommended consulting a Realtor familiar with the market area for information on specific trends in a neighborhood.
Statistical information and trends are based on information furnished by New Mexico member boards and Multiple Listing Services to the National Association of Realtors. Current reporting participants are Greater Albuquerque Association of Realtors, Las Cruces Association of Realtors, MLIS, New Mexico MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Association 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 County Association of Realtors.
