The Wall Street Journal reported recently that for the year ended March 31, US home prices had the highest increase — 13.2% — since December 2005. The article also noted that the US Commerce Dept. said that the median price of new homes sold in April was up 20.1% from a year ago; this was the biggest gain since 1988. The National Association of Realtors reported that the median price of existing homes rose 19.1%.
Read the complete article at: https://www.wsj.com/articles/u-s-home-price-growth-accelerates-in-march-11621947742?mod=searchresults_pos1&page=1
The Taos market is experiencing the same effects from an extreme shortage of inventory. Attractive homes are selling very fast, often with multiple offers, and at prices above asking price. For buyers, it is a very competitive market.