DECEMBER 12TH, 2018

New Mexico Mortgages

The state of New Mexico enjoys a good deal of fine weather, a stable economy, and has become a favorite with retirees looking to settle down. The housing market in New Mexico is broad and has a good number of options in most common housing areas. The 2002 US census data showed that there were 805,293 total housing units in the state that year.

The American dream of home ownership is alive and well in New Mexico, with 70% of the housing market being owner occupied according to the 2000 census. That same year the national average for home ownership was 66.2%, which amounts to a significant difference despite the seemingly small disparity between the two numbers. The Median value of an owner occupied housing unit in New Mexico in 2000 was $108,100, which is hovering near the national average of $119,600 that year. The median household income for 1999 as listed on the census was $34,133. The national average median household income for that year was $41,994. The economy has had its hiccups in New Mexico, and in 1999 the persons living below the poverty line was an astonishing 18.4%, significantly higher than the national average that year which was 12.4%.

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The housing market in New Mexico is looking stable as the year progresses. In the first quarter of 2006, publisher Chris Houston reported that home prices displayed mild decreases from the previous quarter, while maintaining substantial increases when compared with the first quarter of 2005. The average sale price of a house was $215,612, showing a 13.9 percent rise from the prior year quarter, these numbers are stated by the Albuquerque Market Trends. The median sales price in Albuquerque was $177,000 dollars.

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Regarding the average days on the market and the average variance from list price, the new report shows that both have stayed relatively stable since the fourth quarter of 2005. Increasing from 27 to 30 days on the market, with the average discount list price increasing from 1.2 to 1.4 percent. Notable areas are North Albuquerque Acres, with the highest average and median sales prices of $584,992 and $580,000. The Southwest Heights saw the highest number of sales for the quarter, with two hundred and sixty eight homes sold, an 87.4 percent rise from the prior year quarter.

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