• May 12, 2017 Production rises as mortgage rates decline
    Gary Sandler
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    Published 12 May 2017

    LAS CRUCES — Las Cruces area Realtors sold more homes during the first four months of this year than they did during the same period last year, according to statistics provided by the Las Cruces Association of Realtors on May 9. Sales of new homes increased by two units, or just under one-half of one percent, while sales of existing homes rose by 27 units, or 6.5 percent.

    The 52 newly constructed homes purchased by buyers through April of this year brought an average price of $200,382, signifying a decrease of $7,841, or 3.8 percent, from the $208,223 average price posted one year ago. The median price, where half sold for more and half sold for less, also declined. This year’s median price of $185,985 fell $6,785, or 3.5 percent, short of the $195,770 median price reported last year at this time.

    Sales production and prices of existing homes fared a little better. The 445 homes, townhomes and condominiums that changed hands this year outpaced last year’s total of 418 sales by 27 units, or 6.5 percent. At the same time, this year’s average sales price of $178,773 represented an increase of $12,163, or 7.3 percent, over last year’s median price of $166,610. Today’s median price of $156,900 is $4,900, or 3.2 percent, higher than last year’s median price of $152,000.

    Mortgage interest rates, which were predicted to rise after the first of the year, did just that but then declined as spring approached. After hitting an all-time low of 3.5 percent in March of 2013, the cost of the 30-year, fixed-rate conventional mortgage rose to 4.20 percent in January of this year, according to FreddieMac. The rate then declined, hitting a year-to-date low of 3.97 percent the week of April 20. The rate stood at 4.02 percent the week of May 4.

    See you at closing!

    Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at 575-642-2292 or Gary@GarySandler.com

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      Gary Sandler