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NM home sales price is best in eight years

ALBUQUERQUE, N.M. — The median sales price for homes in New Mexico last month marked the best May in at least eight years, according to a county-by-county report released Friday by the Realtors Association of New Mexico.
Housing sales were up four percent statewide year-over year, with 1,795 properties sold in May compared to 1,724 last year, said RANM
The May median price of $190,000 was the highest for the month the state has seen since 2008 when the median price was $194,250. Median means half of the homes sold for a higher price and half for lower price.
In terms of units sold in May, the busiest counties were Bernalillo, 687 homes, up nearly 4 percent; Sandoval, 236 homes, up 24.2 percent; Santa Fe, 167, up 0.6 percent; and Dona Ana, 160 homes, up 1.3 percent.
Year-to-date numbers (January through May) also reflect a positive year for New Mexico housing. The organization said 7,418 sales were recorded so far this year, a six percent increase from last year.
Sales volume statewide last month was $409.7 million, three percent higher than last year’s dollar volume.
“The housing market continues to do its share in making a positive contribution to New Mexico’s economy,” said Steve Anaya, RANM CEO.
While the numbers continue to move in positive directions, there are many areas of the state suffering from low-than-usual inventory of homes for sale, said Patricia Fell, RANM president.
“While this is good news for seller, it limits the options available for buyers. And even with continued low mortgage interest rates, student debt continues to be cited as hurting a potential buyer’s ability to save for a down payment,” she said.