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September 11, 2023
Closed sales drop again;
affordability at historic low
The number of closed sales decreased by a double-digit percentage for the 11th consecutive month in August, as the 1,283 single family residential sales in New Hampshire marked a 23.2 percent drop compared to August 2022.
It has been more than two years since the state saw an increase in year-over-year monthly sales.
Meanwhile, the string of consecutive year-over-year median price increases dates back to February 2020, a span of 42 months. The median price for New Hampshire single family residential homes was $490,000 in August, a 9 percent increase, the highest ever for the month, and the second-highest of any month in the state’s history.
Unsurprisingly, the affordability index fell to 59, the lowest point in NHAR’s recorded history and a 20 percent drop from August 2022. That means the state’s median household income is just 59 percent of what is necessary to qualify for the median-priced home under prevailing interest rates.
The lack of affordability continues to be driven by the inventory crisis. There were 1,800 single family residential homes on the market in the state at the end of August, an 18 percent drop from a year prior. That’s 1.8 months’ supply of inventory, where a balanced market is typically considered 5-7 months.
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. To create your own customizable and brandable market reports, visit NHAR’s members-only InfoSparks page.
Questions? Please email Vice President of Communications and Member Engagement Dave Cummings (dave@nhar.com), or call 603-554-7855.