Redfin News reports the median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. The Santa Fe New Mexican reported our local median home sale price May 17-23 jumped to $721,250 with both city and county inventory low at 464 homes on the market.
At the same time, the weekly average mortgage rates dipped to 7.02% from a five-month high of 7.22% at the start of the month, dropping the median monthly housing payment to $2,854, slightly $20 less of April’s all-time high.
Prices continue to keep rising nationally despite declining sales in some of our feeder markets because there aren’t enough homes on the market. The good news for buyers is mortgage rates have declined slightly and may be trending in that direction while Santa Fe home inventory remains low. Click here to see what is currently on our market in real time today.
Stay tuned for more information. Thank you for reading.