Housing market sets records


The New Mexico housing market is doing well.

According to the Realtors Association of New Mexico, "3,468 home sales have been reported... for January and February 2018, as compared to 2,491 sales for January and February 2017," according to Connie Hettinga, 2018 state association president. "February 2018's 1,959 reported sales make this the best February since the state Realtors started keeping statewide statistics in 2008."

Median prices also continue to climb. February's $193,500 median was nearly 2 percent higher than January's $190,000 median. The reported median for February 2017 was $180,000. Median prices means half the properties sold for a higher price and half sold for a lower price.

"More sales and higher prices contribute to a February 2018 volume of $4.68 million. The February 2017 volume was reported as $2.8 million," says M. Steven Anaya, association CEO. "Housing is doing its part to help keep New Mexico's economy robust."

The best news for the market may be that nearly twice as many properties were on the market in February than reported in January. Every reporting New Mexico county showed an increased in active listings in February over January numbers.

Mortgage rates, which continue to be at historic lows, are on a slow rise, making it harder for some would-be home buyers to qualify for a mortgage. However, those that do qualify are finding more choices in the market.