This is from New Mexico Association of Realtors for December 2022
Key Highlights
• The median sale price increased by 4.24 percent compared to last year.
• Home sellers are less active this month 11.63 percent fewer homes being listed.
• Sales for the month were down 32.68 percent compared to last year.
• Homes are spending 48 days on market, which is three days longer than last year but still shorter than
before the pandemic.
• Taos County took the number one spot from Santa Fe County with highest median sale price at
$518,500.
“Despite double-digit decreases for the sixth straight month, we know the market is adjusting and feel
confident we will see increases in 2023”, says Hubert Hill, NMAR President. “Inflation dropped to 6.5 percent
along with interest rates that dropped to 6.27 percent, meaning buyers will take advantage of the latest
mortgage rate dip and some of the in trepidation on purchasing a home may diminish with the mortgage rate
dip.”
“December was another difficult month for buyers, who continue to face limited inventory and high mortgage
rates,” said NAR Chief Economist Lawrence Yun. “However, expect sales to pick up again soon since
mortgage rates have markedly declined after peaking late last year.”
Active listings were down, with 16,952 for December, a 11.63 percent decrease compared to 16,184 listings in
December 2021. Sales year-to-date were down 17.45 percent or24,300 sales compared to 29,435 sales this time
last year. December volume was down 33.46 percent ending with $594,343,306 compared to last year’s
volume of $893,254,074.
Give me a call or send me a text/email to see what your next step should be.
Mary Cockburn/505-639-2090/MaryCockburn.Realtor@gmail.com
