New Mexico Real Estate Market Sees Slight Dip In Sales But Stable Prices In October

NMAR News:

In October 2023, there was an 2.35 percent decrease in home sales in New Mexico compared to the previous month. While still lagging by 8.34 percent behind October 2022 sales, these figures indicate 3.58 percent growth in the median sold price on a year-over-year basis.

In comparison to September 2023, the median sold price in New Mexico was relatively stable and decreased by only 0.03 percent.

According to National Association of REALTORS® (NMAR) Deputy Chief Economist and Vice President of Research, Jessica Lautz, “Mortgage interest rates are showing signs of relief for home buyers. They have now dropped to 7.44 percent from 7.5 percent the week prior. The three-week drop is a steady sign we likely have hit a peak and are headed south for mortgage rates, especially as the 10-year treasury continues its fall from a peak of 5 percent to 4.4 percent today.”

President Hubert Hill of the New Mexico Association of REALTORS® (NMAR), said, “The recent dip in mortgage interest rates, coupled with the decline in the 10-year treasury yield, is a promising indicator for potential  homebuyers–making home buying more accessible and reviving optimism in the real estate market.”

During October 2023, NMAR received reports of 1,748 sales, accompanied by a median sales price of $329,900.

The counties of Los Alamos, Santa Fe and Lincoln experienced the highest median sold prices for that month:

• Los Alamos recorded a median sold price of $609,500;
• Santa Fe reached $543,846; and
• Lincoln reported $495,250.
• Bernalillo County’s median sold price was $330,000.

The average days-on-market for October 2023 was 42, down two days from September 2023, and lower than the 44 days reported in October 2022.

Housing Stats:

October 2023

• Sales: 1,748
• Median: $329,900 

September 2023

• Sales: 1,790
• Median: $330,000 

August 2023 

• Sales: 2,080
• Median: $335,000 

October 2022

• Sales: 1,907
• Median: $318,500