• Gary Sandler
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    Published 27 August 2022

    Media outlets of all shapes and sizes have been consistently reporting on the effects the current economy is having our nation’s real estate markets.  An Aug. 24 CNBC headline read “Home prices fell for the first time in three years last month — and it was the biggest decline since 2011.” Bloomberg topped an Aug. 22 article with “House prices are being slashed in former pandemic boomtowns.” And, if that’s not depressing enough, the National Association of Realtors declared on Aug. 23 that “New home sales plummet as the housing recession gains steam.”

    While the prognoses for residential real estate in general ranges from troublesome to dire, conditions differ depending on where in the country one lives. While cities such as San Jose, California and Seattle, Washington, which have experienced price declines of 10.0 and 7.7 percent, respectively, over the past few months, the median price of a Las Cruces home has held steady for the past two months at around $290,000, according to an Aug. 24 report from the Las Cruces Association of Realtors.

    The prospect of a decline in our median price going forward is dependent upon the number of buyers in the marketplace in relation to the number of homes for sale. While our local inventory of new and existing homes, townhomes and condominiums has doubled over the past few months, from around 160 to approximately 320, the number of pending sales in line to close over the next two months remains strong at just under 300 units.