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Housing supply is up, interest rates rising


As we navigate through the first quarter of 2024, our housing market brings some signs of stability and encouragement.  While we saw a significant increase in closed sales from a slow January, we also saw a small drop in prices.  February also saw a small drop in rates which helped many buyers decide to enter the spring market. The southern New Mexico MLS saw the number of active listings pass the 500 mark for the first time in years.  This increased supply helped bring a small drop in prices and even incentives that buyers were able to take advantage of especially first-time home buyers.   

Interest rates continue to rise due to stronger than expected inflation and jobs reports.  Economists are now projecting a federal policy ease with the first federal rate cut to come in May rather than March, as expected.  With rates increasing, homebuyers entering the spring market should research all loan products lenders and sellers are offering to help get them into a home.  Lower days on market and a 97 percent list-to-sale price ratio still show a strong market for sellers going into the second quarter. It’s still a great time to be a Las Cruces homeowner. 

Housing, Interest Rates, First quarter 2024