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Changes to the Las Cruces real estate market trigger new pricing strategies

This is the first column in a two-part series.

In a press release issued on July 20, the National Association of Realtors stated that existing home sales

To say that residential real estate is in a state of flux would be an understatement. In a press release issued on July 20, the National Association of Realtors reported that existing home sales “fell for the fifth straight month.” More specifically, sales fell 5.4 percent between May and June and fell 14.2 percent year-on-year. NAR reports that the nationwide inventory of existing homes is increasing.

Just nine days later, the US Census Bureau released figures showing that new home sales fell 8.1 percent between May and June and were down 17.4 percent year-over-year. It’s interesting to note that new-home statistics are based on the date purchase contracts were signed, while existing-home statistics count closed sales for which purchase contracts were signed 30 to 60 days ago. Reports revealed that price rises are slowing down in many parts of the country.

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