An increase in national housing starts (new construction) and existing home and condo sales is a positive sign for the national and Santa Fe real estate markets.

The United States Commerce Department announced that national housing starts rose in January to their highest levels in 6 months.  Starts were up 3% for the month, seeing increases in 3 of the 4 nationwide regions.  The only region that did not show increases was in the Midwest. Here in the West starts were up 9%, whereas in the South they were up 1%, and in the East, 10%.

The most recent quarterly report (4th quarter 2009) for existing home sales and condos showed a 14% increase in sales over the previous quarter. Trasactions increased in 48 of the 50 states, with double digit increases in 32 of those states.  Promising numbers, indeed. Once again, here in the West some of the highest numbers were seen, with a 16% increase over the previous quarter.  Contrary to the housing start data, the Midwest showed a sales increase of 15%. The South showed a 14% increase in sales and the Northeast, 11%.

Of the 151 housing markets followed by the National Association of Realtors (NAR), 67 showed higher median prices. 16 of the metro areas in the survey actually showed double digit increases in median prices. Another sign of a recovering market.

Here in Santa Fe the market seems abuzz with activity. We are seeing buyers in all price ranges, but particularly people looking to cash in on the first time home buyers credit which ends on April 30th (unless it gets extended). Hopefully, the market will continue to recover and thrive.

Contact Ryan Bolton and Matt Desmond

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