What will it take for housing costs to drop in New Mexico?

Local real estate agent talks home construction and driving down housing prices

The housing market is experiencing a crazy period so when will we see relief? Skip Adams shares some insight.

ALBUQUERQUE, N.M. — Gov. Michelle Lujan Grisham recently signed a bill into law aimed at driving down the cost of housing in New Mexico.

House Bill 195 sets aside more than $100 million to build more homes across our state. Bill sponsors pointed out we need around 40,000 more homes here in our state — and that need will only grow as more people move here.

When could we start seeing housing costs drop? Skip Adams, of “Sold by Skip,” stopped by to talk about this.

Adams says it’s a sellers’ market. There are around 1,100 homes on the market. On average, they stay on market for 21 days – and the median price is $340,000.

Click the video above to learn more.