Third Quarter Market Report

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