Home sales in New Mexico — a combination of new and existing homes — increased in May from April and median prices continued a moderate upward trend, the Realtors Association of New Mexico reported Wednesday.
There were 1,497 sales reported or an increase of 6.7 percent from the 1,403 sales reported in April, according to the group.
May’s $179,900 median price was an increase of 5.9 percent from the reported April median of $169,900. The median price indicates half the properties sold for more and half for less.
While May 2014 median prices showed a bump from the same month the two previous years, the number of sales for May 2014 compared to the same month a year earlier were down more than 9 percent, RANM said. May 2013.
“2014 year to date sales numbers are slightly ahead of 2013 year to date numbers – mostly due to a very strong start in the early months of 2014. May’s increase over April is hopefully a predictor of continued increases in sales for the rest of the year,” RANM president Sandylee Pasquale said in a statement.
RANM CEO M. Steven Anaya said that teal estate activity plays an “important role in the state’s economy.”
“Not only did May’s activity result in a volume of $339,147,499, every property sale generates income for ancillary industries,” he said.
National Association of Realtors research shows that when a home is sold in New Mexico, $15,489 of income is generated from real estate related industries and $4,429 is spent on consumer items such as furniture, appliances, and paint services,” Anaya said.