“February was a stable month for New Mexico real estate,” says Damon Maddox, NMAR President. “We know inflation is having an impact on everything, including mortgage rates, and with the lack of inventory we weren’t surprised to see February sales of 1,611 down compared to 1,867 a year ago.”
Mortgage rates continued to rise in February, averaging at 3.69 percent. “Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy,” says Sam Khater, Freddie Mac’s Chief Economist. “However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.”
February did see a record median sale price of $300,000, a 15.83 percent increase from last year and a 2.65 percent increase from last month. This is the highest sale price on record since NMAR started keeping statewide statistical information in 2008. Santa Fe County held the top spot for highest county median sale price for February with $479,150; a barely noticeable decrease from last month and a 1.31 percent decrease from a year ago. “With the price of housing increasing it’s becoming harder for communities to offer affordable workforce housing,” says NMAR CEO M. Steven Anaya. “With the Governor signing SB134 this provides a sustainable funding source for the New Mexico Housing Trust Fund to fund initiatives, including providing affordable housing. Also signed was HB163 – Omnibus Tax Bill, this legislation will offer tax relief for certain taxpayers and that means more money in the pockets of New Mexicans, hopefully leading to eligibility for first-time homebuyers.”
Active listings decreased from a year ago with 5,447 for February 2022 compared to 6,724 for February 2021, at an 18.99 percent decrease. Volume continued to grow with a 7.62 percent increase for year-to-date volume for February 2022 at $594,388,266 compared to $552,301,317 in February 2021. The average for days-on-market saw a 26.23 percent decrease for February 2022 with 45 days-on-market compared to 61 days-on-market a year ago.
New Mexico is still below the national average of 47 days on the market. 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 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. Reports represent single-family residential data only. The information does not necessarily represent all activity in any market/county. Figures based on reports run 1/14/2022. Visit www.nmrealtor.com (housing trends) for county statistics
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