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.