Rising Home Sales and Inventory in New Mexico: April 2024 Market Report

SILVER CITY WEATHER

: Category: Non-Local News Releases; 22 May 2024

In April 2024, there was an 15.91% increase in home sales in New Mexico compared to the previous month. Up 7.90% from April 2023 sales, these figures indicate a 5.95% increase in the median sold price on a year-overyear basis. Compared to March 2024, the April median sold price in New Mexico increased by 3.03%. Active listings have increased 18.68% compared to this time last year.

According to National Association of REALTORSÂ® Chief Economist Lawrence Yun, "Housing starts in April bounced back slightly after a large decline in the previous month... On a positive note, albeit only for the short term, the completion of homes is rising due to past months' higher housing starts. The 1.62 million housing unit completions in April was the second-highest monthly figure in 15 years. Expect apartment vacancy rates to trend higher, rents to slow down, and more homebuyers able to buy newly constructed homes. However, given the recent declines in housing starts, home completions will steadily show declines in about six months." New Mexico Association of REALTORSÂ® President Coleen Dearing added, "I'm pleased to share that New Mexico housing statistics are trending in an encouraging direction. With more inventory on the market, NM REALTORSÂ® are expertly positioned to connect home buyers with home sellers and facilitate seamless transactions."

During April 2024, NMAR received reports of 1,721 sales, accompanied by a median sales price of $340,000. The counties of Los Alamos, Santa Fe, and Taos experienced the highest median sold prices last month. Los Alamos recorded a median sold price of $620,000, Santa Fe reported $600,000 for a second month in a row, and Taos reached $517,500. Bernalillo County's median sold price was $330,000. The average days-on-market for April 2024 was 52, up one day from March 2024.

April 2024
Sales: 1,721
Median: $340,000

March 2024
Sales: 1,494
Median: $330,000

February 2024
Sales: 1,371
Median: $329,000

April 2023
Sales: 1,595
Median: $320,900

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