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Published 4 December 2023
On Nov. 21, the National Association of Realtors reported on October’s existing-home sales production and values. Two days later, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly released a similar report on new-home sales. Together, the reports provide a bit of insight into the general direction America’s new and existing U.S. home-sale markets are heading. For the most part, the Las Cruces market is following the national trends, but not in all respects.
Nationally, October’s new-home sales were down 5.6 percent month-over-month but up 17.7 percent year-over-year. In Las Cruces, new-home sales were down 55.0 percent month-over- month and declined by 35.7 percent year-over-year. Las Cruces posted a bittersweet victory in the median new-home price category, however, by declining less than the national median.
The National median new-home price in October was $409,300, representing a decline of 2.3 percent from September and 17.0 percent from one year ago. The Las Cruces new-home median of $354,950 posted in October was 3.2 percent below September’s median and 4.5 percent below 2022’s median of $366,570, according to a November 30 report from the Las Cruces Association of Realtors.
Sales of existing homes in Las Cruces are not keeping pace with the national sales numbers. Existing homes include free-standing single-family residences, townhomes, and condominiums. Nationally, sales of existing-homes in October were down 4.1 percent month-over-month and 14.6 percent year-over-year. In Las Cruces, the numbers were down 16.7 percent and 25.2 percent, respectively. October’s median existing-home price of $297,673 was a $17,673, or 6.3 percent, increase over September’s median of $280,000, however. It was also $15,673, or 5.6 percent higher than the $282,000 median posted one year ago.
Reviewing what’s taken place in the past is one thing. Projecting what lies ahead is another. A few clues can be gleaned from November’s preliminary statistics, one of which shows a median selling price of $369,565 for the 28 new homes that closed escrow through November 29. That’s a month-over-month increase of almost $15,000. At the same time, 99 existing homes closed at a median price of $280,000, which is identical to September’s lower median.
As has been the case over the past few months, local and national production and value numbers have been all over the place. What has been consistent, however, is that competition for the “best homes for the money” in Las Cruces is still keen.
See you at closing!
Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces, New Mexico. He loves to answer questions and can be reached at 575-642-2292 or Gary@GarySandler.com
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About Author
Gary Sandler
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