NEWS RELEASEth QUARTER 2008 Santa Fe CITY OVERALL MEDIAN PRICE REMAINS STEADY AT $350,000 WHILE SALES DROP IN BOTH THE CITY AND COUNTYth Quarter of 2008 compared to similar 2007 home sales data. Sales in the City for the 4th Quarter 2008 decreased from 141 sold during the 4th Quarter in 2007 to 131 this Quarter - a 7% decrease. Condo sales in the City slowed from 89 in the 4th quarter of 2007 to 75 in the current 4th Quarter but values also remained strong.th Quarter of 2008 compared to $549,125 in the 4th Quarter of 2007.th Quarter at 106 compared to 132 in the 4th Quarter of 2007.510 North Guadalupe Sireet, SUite E • Santo Fe, New Mexico 87501 • (505) 982-8385 FAX (505) 982-3764

EMBARGOED UNTIL: 11 :00 AM, Wednesday, January 14, 2009

Contact: Lois Sury, 2009 President-Elect (505) 984-5156  Donna Reynolds, CEO (505) 982-8385

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(Santa Fe, NM - January 14, 2009) The overall median price of a home in the City of Santa Fe held steady at $350,000 in the 4

In the County of Santa Fe, price reductions occurred in all by one market area resulting in a median price of $427,500 in the 4

County home sales also remained sluggish in the most recent 4

"Home values are remaining steady compared to last year during the same period for City homes and condos with sales off only modestly," stated Lois Sury, 2009 President-Elect of the Santa Fe Association of REALTORS®. "However, the County is still experiencing slower sales and more price adjustments during this same period. The current national economic slowdown may be depressing sales in certain markets," she added.

"Overall inventories are dropping as buyers are snapping up bargains as well as some buyers deciding to take homes off the market due to the economic uncertainty. Yet, inventories remain higher at the end of 2008 than reported at the end of 2007," shared Ms. Sury.

The median sales price is determined from only those sales listed on the Santa Fe Association of REALTORS® Multiple Listing Service, which does not include every sale in the area but has been used historically to track trends in the home buying market.

KOB.com

Updated at: 11/21/2008 07:09:20 AM

By: Eyewitness News 4

Home prices show upward trend in parts of NM

Foreclosures have also remained low across the state

Real estate experts say even though home prices in the

Albuquerque area and other parts of the state are lower than a year ago, they're not as bad as other parts in the country.

What's more, parts of New Mexico are seeing a surge in home prices, bucking the downward trend seen across America. "Here in New Mexico, the market is still very good," said David Kittle, chairman of the Mortgage Bankers Association.

Kittle said it's just a handful of states that are dragging the overall numbers down in the home market.

"If you take out seven states: California, Florida, Nevada, Arizona, Ohio, Indiana and Michigan, you've got 43 states out there that are still fairly stable in the mortgage market," Kittle said.

Kittle was in Albuquerque Thursday to speak about the nation's economic crisis and its impact on the mortgage industry. Industry experts said over the past year, home sales have dropped in Albuquerque by about 20 percent. That is compared to about 60 percent in some of the areas worst hit, like Nevada.

Kittle said this could be a very good time to own property if it is in the right location.

"If you're in Seattle, Wash., or Charlotte, N.C. right now, things are booming. Prices are up in Louisville, Ky., where I live, prices are flat to rising just a little bit," Kittle said.

Parts of New Mexico are also seeing the value of real estate go up. In places like Placitas, Artesia and Gallup, prices are said to be booming. In Santa Fe and Hobbs, prices are also going up.

John Snyder of the New Mexico Mortgage Lenders Association said Albuquerque isn't doing too badly either.