In 2013, home prices and buyer demand both spiked as the housing recovery took hold in markets across the country. Double-digit increases in home values brought prices to a level last seen in 2004. But, according to Zillow's November Real Estate Market Report, annual and monthly price trends indicate the robust recovery seen throughout 2013 is beginning to slow to more sustainable levels.

The slowing price growth is partly driven by decreasing negative equity rates. As homeowners recoup value lost during the recent recession, more of those homes are put up for sale which increases inventory levels and normalizes price gains. And in addition to an increasing supply of previously owned homes, new home construction is expected to ramp up over the next year, adding further relief to constrained inventory levels across the country. If these trends continue, 2014 will likely see improved for-sale inventory levels, slower price increases, and more potential buyers entering the market to purchase homes.

Here at New Mexico Mountain Properties, we're already getting calls and email inquiries. For early January, this is a very encouraging sign. Buyers for homes, condos and land here in Taos and Angel Fire are out looking and 2014 seems to be on track for another great year!