November brings optimism, volatility to housing market

As Las Cruces real estate professionals prepare to close out the year in southern New Mexico real estate, November's report continues to show a strong market for homeowners. Southern New Mexico is on track to finish the year just shy of matching last year's number of closings by 20 to 30 closed sales.  Despite the high interest, higher pricing and more days on the market than usual, homes continue to close.   

Of the homes sold in November, a large percentage of sellers reduced their asking price at least once before going under contract. Sellers also were more creative with incentives that included interest rate buydowns and repair credits. Active inventory is 24 percent higher than this time last year, which has resulted in more competitive pricing and more options, especially for buyers entering the market for the first time. The election, interest rates and a more positive economic outlook were all factors in November's performance. 

2024 can only be described by many as volatile. While the summer buyer season may not have performed as well as in prior years, our fall and winter activity remain strong. While we expect a slower December, we may be pleasantly surprised by the remaining winter months. This report shows a great time to sell, a great time to invest, a great time to look for your forever home. I would like to close by saying it's been an honor to serve you as your real estate pro and wish everyone a joyful holiday season, a Merry Christmas and a safe and happy New Year.  See you in 2025.