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NM home sales and median price improve in October

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U.S. home prices jumped 12.2 percent in May compared with a year ago, the biggest annual gain since March 2006. The biggest price gains are occurring in many of the states that experienced the worst housing bust with Phoenix at a 20.6 percent increase--still well below its peak prices. (AP Photo/Matt York)

U.S. home prices jumped 12.2 percent in May compared with a year ago, the biggest annual gain since March 2006. The biggest price gains are occurring in many of the states that experienced the worst housing bust with Phoenix at a 20.6 percent increase — still well below its peak prices. (AP Photo/Matt York)

Statewide home sales — a combination of new and existing homes — in October and year to date showed an increase over the same period in 2012, and the statewide median price is also higher than that reported during same period last year, the Realtors Association of New Mexico reported Thursday afternoon.

Seasonal trends show a slight decrease in activity comparing October to the previous month, however the 1,451 sales reported in October 2013 are 2 percent higher than the number reported in October 2012, RANM said.

The year-to-date number of sales is nearly 11 percent higher than 2012’s number for January through October, the association said.

The October 2013 median sale price of $171,000 is 0.7 percent higher than the 2012 October median of $169,750. Sixteen of New Mexico’s reporting counties reported a decrease in median price this October compared with October 2012, while nine counties reported an increase, RANM said.

“The variance in increase or decline of median prices in individual counties just emphasizes the ‘all real estate is local’ cliché and continues to show that local economic conditions play a role in home sales and prices,” RANM President Cathy Colvin said in a statement.

“New Mexico is still on track in 2013 with a higher number of sales and higher median prices than seen over the last few years.”

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