The median price reported to the Realtors Association of New Mexico for the month of April was $192,000, which is nearly 4% higher than the March 2017 median and more than 6% higher than the April 2016 median.
"Inventories continue to be low in many areas, which contributes to the increase in housing prices," Victoria Murphy, RANM 2017 President, said. "The good news for buyers is that mortgage rates continue at historic lows so affordability remains relatively stable."
"While the number of April 2017 reported sales (1,713) is down from the number reported in March 2017 (1,798), the increase in median price results in an increased volume generated from real estate sales," M. Steven Anaya, RANM chief executive officer, said. "When a home is sold it generates additional revenues from real estate-related industries from appraisals, mortgage lending, title insurance, moving services and consumer items such as furniture, appliances, remodeling, and more.
"According to the latest research from the National Association of Realtors, the real estate industry in New Mexico accounted for $15.687 million, or 16.8% of the gross state product in 2015."
Murphy added, "NAR research also indicates that additional home sales induce added home production. Typically, one new home is constructed for every eight existing home sales. New home starts will only help ease the lack of inventory crunch many areas are currently experiencing."
Over two-thirds of the New Mexico reporting markets show a 2017 year to date, January through April, increase in both sales numbers and median prices compared to 2016. Charts included in the information showed the number of sales year to date in 2016 at 5,649 with a median price of $176,200 compared to 6,054 sales and a median price of $185,000 year to date in 2017.
Sales went up from 1,592 in April 2015 to 1,714 in April 2017, along with a median price increase from $175,000 to $192,000.
