From the Santa Fe Association of Realtors:
Markets across the nation seem to be back on the recovery track after a brief
pause. One of the more encouraging aspects of this renewed recovery is that
new construction of single-family homes reached six-year highs in August,
according to the U.S. Commerce Department. Consumers are also finding more
listings in their search results than they have in years. Inventory is rising in many
neighborhoods as higher prices have motivated more sellers to list.
New Listings in the Santa Fe region decreased 12.2 percent to 984. Pending
Sales were down 29.5 percent to 435. Inventory levels rose 0.6 percent to 2,315
The Median Sales Price decreased 0.9 percent to $315,000. Days on Market
was up 3.8 percent to 160 days. Sellers were encouraged as Months Supply of
Inventory was down 1.5 percent to 12.7 months.
The departure of investors from the scene should benefit first-time homebuyers,
but student debt and sluggish wage growth have slowed that transition. The
economy is growing, but it’s growing at a slower pace than desired. Thankfully,
inflation remains tame, partly enabling the Federal Reserve to keep rates low for
longer, contrary to the forecasts of most economists