Surprises, encouraging signs for homeowners

This month's report brought some surprises and some encouraging stats to Las Cruces homeowners, as many people start to put their real estate aspirations on hold until the new year. 

October saw a significant increase in closed sales compared to both the previous month and prior year. This is encouraging news for anyone who may be hesitant about putting their home on the market during the winter months. Despite another increase in Interest rates, homes are still closing and many buyers have negotiated some great deals in their favor. Southern New Mexico is breaking from trends and market expectations this fall. While homes are sitting on the market for longer than we have seen in the last year, they are still closing; and many are closing just below their asking prices.  

While interest rates remain higher than expected following the fed rate drop, this report shows that buyers and sellers are working together to get to the closing table. Closing cost assistance, point buydowns and price reductions have all been factors in getting homes sold this fall. Although the fed has announced its intent to reduce rates by another point by the end of 2024, we may not see the effects until the start of spring buyer season. 

October's report shows the state of our market is strong. It's still a great time to be a Las Cruces homeowner.