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April's housing report shows a significant shift from last year's dynamics. After an impressive first quarter for 2025, April's report represents a decline of 18% from last year in overall closed sales in Doña Ana County. Inventory levels saw a 10% increase compared to 2024. While sales were down, so were prices.
Interest rates saw a sudden increase at one point in April; rates tipped passed 7%. This may have put many buyers' plans to purchase on hold for a couple of months. We will have to stay tuned to see if this trend continues. If so, we may be shifting toward a buyers' market for the first time since 2010. While median price stayed about the same, buyers are now starting to take advantage of more incentives from both sellers and new home builders to get them to the closing table. If you are a buyer, now is the time to make a deal as most listings are spending more days on the market and seeing at least one price drop before going under agreement.
Our market is shifting. Nationwide we are starting to see a little more breathing room for buyers because of rising inventories, interest rates and affordability. We are moving toward a balance after years of an extreme seller advantage. It’s a great time to negotiate and find the best deal. With a 96% list to sale price ratio, it’s still a great time to be a Las Cruces homeowner.
Steve Montanez is president and chief executive officer of New Mexico Properties. He writes a monthly real estate report.
