Metropolitan Statistical Area (MSA):
Espa√±ola, NM is a Metropolitan Statistical Area (MSA) comprising counties including .
There are many factors influencing real estate trends in the Espa√±ola, NM metropolitan statistical area (MSA). The most significant factor is population growth. According to the U.S. Census Bureau, the population of Espa√±ola grew by 5.8% between 2010 and 2018. This population growth is driving demand for housing, which is pushing up prices and causing a shortage of available homes for sale.
Another factor influencing real estate trends in the Espa√±ola MSA is the economy. The unemployment rate in Espa√±ola was 4.7% in December 2019, down from 6.4% a year earlier and below the national average of 3.5%. This improving economic conditions are making it easier for people to buy homes. Additionally, low interest rates are making it cheaper to finance a home purchase.
Finally, there are limited land resources available for new construction in the Espa√±ola MSA. This lack of buildable land is limiting supply and putting upward pressure on prices.
Overall, these factors are causing strong demand for housing in the Espa√±ola MSA, which is leading to rising prices and a shortage of available homes for sale