 |
December 8, 2022
Affordability Still Lacking
The November housing market report
The state’s housing inventory continued to tick upward in November, but that has yet to have an impact on affordability, which remains historically low.
For the second consecutive month, the number of single family residential homes for sale in New Hampshire increased by a double-digit percentage – compared to the same month one year prior – with a 20.2 percent jump to 1,853.
That’s still less than half of the inventory of just three years ago and a far cry from the 10,000-plus homes on the market 10 years ago, and affordability remains reflective of today’s generally scant supply.
November showed a 20-year low of 69 on the affordability index, which means the state’s median household income is just 69 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. That’s a 35 percent drop in affordability from a year ago.
The median price of a single family residential home in New Hampshire was $435,000 in November, an 8 percent increase from last year and the highest November median price in New Hampshire history. The year to date median price for 2022 remains historically high as well. At $440,000 through the first 11 months combined, that’s 12 percent higher than 2021, which had been the highest ever to that point.
Closed sales, meanwhile, were 31 percent below a year ago in November and 16 percent lower than year to date 2021. It marks the 17th consecutive month that sales have decreased compared to a year prior.
For NHAR’s full slate of market data, including our Monthly Indicators report and detailed county- and town-level reports, visit our FastStats landing page.
Questions? Please email Communications Director Dave Cummings (dave@nhar.com), or call 603-554-7855.