Market Statistics

November 2017 Market Statistics

Click here to download the November 2017 Local Market Snapshot reports, presented by zip code and MLS area.

Highlights

  • the median detached home price rose 9.1 percent to $199,650
  • the average detached price increased 8.4 percent to $237,089
  • overall inventory of detached homes for sale decreased 18.9 percent to 3,081
  • the number of closed sales for detached homes increased 0.6 percent to 826
  • the number of detached homes going under contract rose 24.4 percent to 917

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Home Prices Up 7% Over Last Year

According to CoreLogic’s latest Home Price Indexnational home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase.

A lack of supply of homes for sale has led to upward pressure on home prices across the country, especially in areas where both existing and new home inventory have not kept up with buyer demand....

National Median Days on Market Drops to 34...How did NM do?

Some Highlights:

  • The National Association of REALTORS® surveyed their members for their Confidence Index.
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
  • Homes sold in less than 60 days in 44 out of 50 states, and Washington D.C.
  • Homes typically went under contract in 34 days in October!
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Existing Home Sales Slowed by a Lack of Listings

Some Highlights:

  • The inventory of existing homes for sale has dropped year-over-year for the last 29 consecutive months and is now at a 3.9-month supply.
  • Existing home sales are currently at an annual pace of 5.48 million, the highest pace since June of this year, but down 0.9% from October 2016.
  • NAR’s Chief Economist, Lawrence Yun, had this to say: “While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”
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Bubble Alert! Is it Getting Too Easy to Get a Mortgage?

There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:

  • More buyers are putting less than 20% down to purchase a home
  • The average credit score on closed mortgages is lower
  • More low-down-payment programs have been introduced

This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Let’s alleviate some of that concern.

The graph below shows the MCAI going back...

Shrinking supply, Escalating Prices in the Albuquerque Market

Albuquerque Journal  by Steve Sinovic, Journal Staff Writer

ALBUQUERQUE, N.M. — As the year winds down, Albuquerque-area residents still looking to buy a home, townhouse or condo are facing low inventories, which has created a seller’s market and higher prices, the main narrative for the residential real-estate market through most of 2017.

Shrinking supply has led to homes selling faster for more money, according to data compiled by the Greater Albuquerque Association of Realtors. The rise in home prices has been a boon to many sellers, and buyers have had to act fast to get the homes – especially moderately prices ones – that they wanted.

“We’re still running a little on the low side of inventory,” said Don Martindell, GAAR president in an early November interview when fall temperatures were in the 70s and open houses on weekends were well attended.

“Buyers are still on the hunt to find a home,”...