NM home sales, prices drop in October

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ALBUQUERQUE, N.M. (AP) — A Realtors group says home sales in New Mexico dropped by 7 percent in October from a month earlier.

The median price of homes sold also dropped by nearly 3 percent from September to $175,000.

The sales and price figures were released late Friday by the Realtors Association of New Mexico.

Executive vice president Steven Anaya says the numbers in New Mexico mirror national trends.

Year-over-year sales figures were even less encouraging, with sales dropping more than 32 percent in October from the same month in 2009.

The biggest yearly drops were in major metropolitan markets around Albuquerque, Clovis, Las Cruces, Ruidoso, Gallup and Santa Fe. Those markets saw sales decline by 35 to 40 percent.

Total yearly sales in the state are running only slightly below 2009 numbers.