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National report says slow recovery
Thursday, October 3, 2013 - 7:02pm
LAS CRUCES, N.M. — A report by CBS MoneyWatch ranked Las Cruces as one of the cities that might not make it back from the housing crash.
The report said it's been a poor recovery for the housing market in Las Cruces ranking it fourth worst to get back to it's peak before the housing crisis.
"The market is starting to stabilize," said Gary Bell, a realtor with Exit Realty Horizons in Las Cruces.
Bell said it was during the end of 2012 when the market bottomed out.
While Las Cruces is a growing city, recently having reached the 100,000 population mark, CBS MoneyWatch reports negative growth of 0.1 percent.
"There are still some stagnant parts of the market when we get above $300,000, homes tend to sit a little bit longer," Bell said.
But homes priced at $150,000 and below are moving fast in part because foreclosures have gone down, bringing prices up.
"Obviously if you're home is listed and you're in competition with a foreclosure across the street, that's definitely going to affect the value of your home," Bell said.
Those factors have also made for less inventory alleviating competition.
Last year homes were on the market for an average of 13 months and according to Bell some homes are being sold in about an average of seven months.
In the same report Albuquerque ranked 8th worst.