Real Estate Market

Monthly Newsletter from Sandi Pressley

National Real Estate Market Update!

Existing-home sales rose in May, according to the National Association of REALTORS®. Sales elevated in the Northeast, Midwest and South, but retreated in the West. Year-over-year, sales progressed in the Northeast and Midwest but contracted in the South and West. This report equips real estate professionals with valuable information that helps them serve their clients and get to their next transaction.

"The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market," said NAR Chief Economist Lawrence Yun. "Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs."
 
Total Existing-Home Sales for May
  • 0.8% increase in total existing-home sales1 month-over-month to a seasonally adjusted annual rate of 4.03 million.
  • 0.7% decrease year-over-year, sales declined 0.7% (down from 4.06 million in May 2024).
Inventory in May
  • 1.54 million units: Total housing inventory2, up 6.2% from April and 20.3% from May 2024 (1.28 million).
  • 4.6-month supply of unsold inventory, up from 4.4 months in April and 3.8 months in May 2024.
Median Sales Price in May
  • $422,800: Median existing-home price3 for all housing types, up 1.3% from one year ago ($417,200) – a record high for the month of May, and the 23rd consecutive month of year-over-year price increases.
  • Single-Family and Condo/Co-op Sales
  • Single-Family Homes in May
  • 1.1% increase in sales to a seasonally adjusted annual rate of 3.67 million, up 0.3% from May 2024.
  • $427,800: Median home price in May, up 1.3% from May 2024.
  • Condominiums and Co-ops in May
  • 2.7% decrease in sales to a seasonally adjusted annual rate of 360,000 units, down 10.0% from May 2024.
  • $371,300: Median price, up 0.7% from May 2024.
Regional Breakdown
 
Northeast
  • 4.2% increase in sales month-over month to an annual rate of 500,000, up 4.2% year-over-year.
  • $513,300: Median price, up 7.1% from May 2024.
 
Midwest
  • 2.1% increase in sales month-over month to an annual rate of 990,000, up 1.0% year-over-year.
  • $326,400: Median price, up 3.4% from May 2024.
 
South
  • 1.7% increase in sales month-over month to an annual rate of 1.84 million, down 0.5% year-over-year.
  • $367,800: Median price, down 0.7% from May 2024.
 
West
  • 5.4% decrease in sales month-over month to an annual rate of 700,000, down 6.7% year-over-year.
  • $633,500: Median price, up 0.5% from May 2024.

Albuquerque's Natural Beauty Makes It the Perfect Place to Call Home

When most people consider where to live, they typically weigh factors such as job opportunities, cost of living, and quality of schools. But in Albuquerque, New Mexico, there's something else that captures hearts and keeps residents here for decades: the breathtaking natural environment that surrounds this high-desert gem, along with 310 days of sunshine illuminating the majestic Sandia Mountains.

Nestled in the Rio Grande Valley at an elevation of 5,312 feet above sea level, Albuquerque offers a unique combination of stunning landscapes, exceptional weather, and outdoor recreation opportunities that create an unmatched quality of life. Here's why the Duke City's natural setting makes it one of the most desirable places to live in the Southwest.

Albuquerque enjoys over 310 days of sunshine annually, making its high desert climate one of the city's greatest assets. Residents enjoy more sunny days here than almost anywhere else in the United States. Did you know that the city experiences four distinct seasons, but doesn't experience the extreme temperatures that plague other regions? This mild year-round weather attracts many people.

March ushers in the beginning of Spring, which extends through May, bringing mild temperatures ranging from the 60s to 70s, along with spectacular wildflower blooms that paint the foothills in vibrant colors. The desert truly comes alive, with cacti flowering and trees budding throughout the bosque, creating a natural awakening that residents eagerly anticipate each year.

The summer months, from June through August, see temperatures reach the 90s. Still, the low humidity (often under 20%) makes the heat comfortable and manageable. What makes Albuquerque summers truly special is how the evening temperatures drop into the 60s and 70s, creating perfect conditions for outdoor dining, evening walks, and gatherings on patios and porches.

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What's Your Credit Score?

 

Your credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to rise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. We have a list of preferred local lenders who can help you find the best financing programs for your specific needs.

Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

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