New Mexico housing market on pace for record year

New Mexico housing market on pace for record year

ALBUQUERQUE, N.M./April 20, 2017 (AP)( — Real estate agents say 2017 could be a record-setting year for New Mexico’s housing market.

The Realtors Association of New Mexico reports that 1,760 properties were sold in March, representing an increase of more than 6 percent over the same period last year.

The figures also show that 19 counties across the state reported an increase in sales for the first quarter over the first three months of 2016.

Association officials say inventory is still tight in many areas and homes that are priced right are going quickly and sometimes getting multiple offers. Median prices are also on the rise, up 4 percent statewide from last year at this time.

The group says property sales contributed over $1 billion to New Mexico’s economy during the first quarter.

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