July saw signs of buyers' market shift

As fall approaches, you will start to see national stats and headlines stating a buyers' market is in place. While prices saw a decrease nationwide, that wasn't quite the case in Las Cruces.  According to a national report from Realtor.com, home prices dropped by about $6,000. Las Cruces, however, still saw an increase in its median closing price despite another significant drop in year-over-year closed sales. This downturn is attributed mostly to unaffordable interest rates and buyers looking for better economic signs and financial breaks before making any moves with housing.  

Sellers in Las Cruces are still holding on to prices that we saw in 2021, with one price drop on average before going under agreement. Buyers have some ability to negotiate prices, closing costs or even a combination of both, giving signs of a market that is shifting in favor of many first-time buyers.  

At this time, we can also expect a dramatic decrease in interest rates as the latest jobs report and stock market activity are showing signs of a looming recession. The fed is ready to announce at least three drops in basis points before the end of the year, which will give much-needed relief for homeowners looking to refinance and buyers entering the market. 

As you start to see more "For Sale" signs in your neighborhood and possible decreases, don’t panic. This is simply our market correcting itself. Homes are still closing, prices are still holding strong and buyers are still driving around looking. It's still a great time to be a Las Cruces homeowner.