FARMINGTON — A federal report released earlier this week shows home prices last year increased over the previous year, and the prices of San Juan County homes saw a slight price bump.
Nationally, home prices increased 7.7 percent from January to December 2013 over that same time period in 2012, according the Federal Housing Finance Agency.
However, homes in San Juan County only increased in price about 2.5 percent in January 2014, compared to January 2013. In January 2013, an average home in San Juan County cost about $169,000. Meanwhile, a buyer for the same type of home would've paid about $173,150 last month.
"San Juan County is usually about a year to a year and half behind the national trend," said Lela Holmes, president of the San Juan County Board of Realtors.
She said prices of homes in San Juan County are dependent on the oil and gas economy, and sales and home prices fluctuate with oil and gas activity.
"I think a lot of people have been waiting for the shale boom," Holmes said.
Over the past year, nationally, the prices of homes steadily grew, increasing every three months. But for San Juan County, prices in the first quarter of 2013 fell from $169,000 to $142,300, a decrease of nearly 16 percent.
Holmes said another reason for fluctuating home prices is the types of homes being sold, with some being less expensive than others. Federal home loan programs have also made it easier for buyers to purchase homes that are less expensive, Holmes said.
Home prices in San Juan County last year reached their highest point in September, when the median price was $191,900.
October has the highest number of homes sold last year with 81.
Last month, 42 homes in the county were sold, up by one from January 2013.
Homes prices statewide increased by about 4.8 percent last year compared to 2013, according to the federal report.Erny Zah is The Daily Times business editor. He can be reached at 505-564-4638.and email@example.com. Follow him @ernyzah on Twitter.