Mortgage-Financed Home Prices Rise 7.6 Percent in Mexico, With Jalisco in Double Digits

The price of homes bought with a mortgage in Mexico rose 7.6 percent between January and September 2026 compared with the same period last year, according to the Sociedad Hipotecaria Federal (SHF) index reported by Expansión on November 10. The average value of houses and apartments financed with a mortgage over those nine months was 1,977,228 pesos, close to the 2 million mark and in line with a mid-market home.

Jalisco is among the states with the sharpest increases. Tamaulipas led the list at 12.8 percent year over year through September, followed by Jalisco, Quintana Roo and Aguascalientes, the only four states with double-digit gains. That puts Jalisco somewhere between 10 and 12.8 percent, although the article does not give its exact figure. It does not break out Nayarit either, so this source cannot tell us what happened on the Bahía de Banderas side. In 16 of the country's 32 states, prices rose faster than the national average.

The number needs careful reading. The SHF index tracks only homes purchased with mortgage credit, so it does not capture purchases made without financing. It is also reported by state, which means it does not isolate what is happening in Puerto Vallarta.

Financing remains expensive. According to the central bank, the average mortgage interest rate was 11.31 percent in the second quarter of 2026. For a Mexican buyer who depends on a loan, that rate and an average price near 2 million pesos mean financing weighs heavily on the cost of buying.

In the second-home market, the signal is different. HOMIA, a Puerto Vallarta-based brokerage and developer, analyzed 1,074 closed condo sales recorded in the Vallarta-Nayarit MLS between August 2025 and August 2026. The study says asking prices in Puerto Vallarta's Hotel Zone run 46 percent above closed-sale prices, with roughly 51 months of inventory. It is an analysis from a company that also sells property, so it should be treated as a reference point and not as an official figure. Still, it points to a gap between what sellers ask and what buyers pay.

For sellers, the practical reading is that rising national mortgage prices do not guarantee that a Hotel Zone condo will close at list price. For buyers, the same study suggests room to negotiate in some segments, and that the Bay is not one uniform market: according to HOMIA, Puerto Vallarta has several condo markets with different dynamics by neighborhood.