Changes to Las Cruces real estate market trigger new pricing strategies

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

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

Just nine days later, the US Census Bureau released statistics showing that new-home sales fell 8.1 percent between May and June, and by 17.4 percent year-over-year. It is interesting to note that new-home statistics are based on the date purchase agreements are signed, while existing-home figures count closed sales for which purchase agreements were signed 30 to 60 days in the past. The reports also revealed that price appreciation is slowing in many parts of the country.

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