Real Estate Market

Monthly Newsletter from Sandi Pressley

Real Estate Overview

Existing-home sales climbed in February, according to the National Association of REALTORS®. Among the four major U.S. regions, sales jumped in the West, South and Midwest, and were unchanged in the Northeast. Year-over-year, sales declined in all regions.

Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops - bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).

"Additional housing supply is helping to satisfy market demand," said NAR Chief Economist Lawrence Yun. "Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices."

Total housing inventory registered at the end of February was 1.07 million units, up 5.9% from January and 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.
 
The median existing-home price for all housing types in February was $384,500, an increase of 5.7% from the prior year ($363,600). All four U.S. regions posted price increases.
 
According to the REALTORS® Confidence Index, properties typically remained on the market for 38 days in February, up from 36 days in January and 34 days in February 2023.
 
First-time buyers were responsible for 26% of sales in February, down from 28% in January and 27% in February 2023. NAR's 2023 Profile of Home Buyers and Sellers – released in November 2024 – found that the annual share of first-time buyers was 32%.
 
All-cash sales accounted for 33% of transactions in February, up from 32% in January and 28% one year ago.
Individual investors or second-home buyers, who make up many cash sales, purchased 21% of homes in February, up from 17% in January and 18% in February 2023.
 
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.74% as of March 14. That's down from 6.88% the prior week but up from 6.60% one year ago.
 
Regional Breakdown
 
At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It's the fourth consecutive month that home sales in the Northeast registered 480,000 units. The median price in the Northeast was $420,600, up 11.5% from one year ago.
 
In the Midwest, existing-home sales propelled 8.4% from one month ago to an annual rate of 1.03 million in February, down 3.7% from the previous year. The median price in the Midwest was $277,600, up 6.8% from February 2023.
 
Existing-home sales in the South leapt 9.8% from January to an annual rate of 2.02 million in February, down 2.9% from one year earlier. The median price in the South was $354,200, up 4.1% from last year.
 
In the West, existing-home sales skyrocketed 16.4% from a month ago to an annual rate of 850,000 in February, a decline of 1.2% from the prior year. The median price in the West was $593,000, up 9.1% from February 2023.
 
"Due to inventory constraints, the Northeast was the regional underperformer in February home sales but the best performer in home prices," Yun added. "More supply is clearly needed to help stabilize home prices and get more Americans moving to their next residences."

The best mortgage for you

Mortgage Approved form from LiveWellSimply.comShopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.

Experience the Best Cuisine in Albuquerque

Albuquerque, a city that's as much a feast for the eyes as it is for the palate, offers a culinary landscape as diverse and vibrant as its picturesque surroundings. The city's food scene is a mosaic of flavors, where the traditional and the contemporary dance in harmony, creating a symphony of tastes that resonate with food lovers from all walks of life.

The Artichoke Cafe
424 Central Ave SE, Albuquerque, NM 87102

Nestled in the heart of Albuquerque, The Artichoke Cafe stands as a beacon of culinary excellence. This establishment has been delighting diners since 1989 with its blend of French, Italian, and American cuisine. The ambiance strikes a perfect balance between casual comfort and refined elegance, making it an ideal spot for any occasion.

Church Street Cafe
2111 Church St NW, Albuquerque, NM 87104

Step into history at the Church Street Cafe, located in one of Albuquerque's oldest buildings. Here, the flavors of New Mexico are served with a side of heritage, offering guests a dining experience that transcends time. The cafe's traditional dishes are a testament to the state's rich cultural legacy.

66 Diner
1405 Central Ave NE, Albuquerque, NM 87106

For a slice of Americana, look no further than the 66 Diner. This retro eatery transports you back to the 1950s with its neon-lit decor and classic diner fare. Situated on the historic Route 66, it's the perfect pit stop for travelers seeking comfort food with a side of nostalgia.

Tucanos Brazilian Grill
110 Central Ave SW, Albuquerque, NM 87102

Experience the lively spirit of Brazil at Tucanos Brazilian Grill. This restaurant offers a unique dining concept where skewers of grilled meats and vegetables are brought directly to your table. The vibrant atmosphere and the Salad Festival complement the succulent flavors of the churrasco, making it a feast for all senses.

Pappadeaux Seafood Kitchen
5011 Pan American Fwy NE, Albuquerque, NM 87109

For those craving a taste of the sea, Pappadeaux Seafood Kitchen offers a vast selection of fresh seafood dishes. The lively atmosphere and generous portions make it an ideal spot for family gatherings or a fun night out.

Monroe's Restaurant
1520 Lomas Blvd NW, Albuquerque, NM 87104

Monroe's Restaurant has been serving up New Mexican cuisine since 1962. This local favorite is renowned for its chile dishes, which are a staple of the region. The warm, welcoming environment makes it feel like you're dining among friends.

El Pinto
10500 4th St NW, Albuquerque, NM 87114

El Pinto is an Albuquerque classic, offering a sprawling, picturesque patio and an extensive menu of New Mexican favorites. It's a great place to enjoy the beautiful Albuquerque weather while indulging in dishes like their famous red chile ribs.

So, whether you're a local foodie or a visitor with a voracious appetite, Albuquerque's best restaurants are ready to welcome you to a table of unforgettable tastes and tales.

Contact Information

Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729
Send an Email

Quick links to this site are also SandiSells.net or SandiSellsHomes.com