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November 12, 2024
Fifty-seven straight months
Spurred by a lack of inventory that continues to give a strong upper-hand to home sellers, New Hampshire saw its most expensive October in history last month, as the median sales price of single family homes remained above a half-million dollars for the eight consecutive month at $500,750. It marked the 57th consecutive month of single family residential year-over-year price increases in the state.
NEW HAMPSHIRE MONTHLY INDICATORS
As a result, the NHAR Affordability Index remained historically low in October, at 61. It means the median household income is just 61 percent of what is necessary to qualify for the median-priced home under prevailing interest rates.
It’s the lowest Index for the month in NHAR’s recording history of at least 20 years. It was as recently as 2021 that the Index was over 100, and it reached more than 200 at times during 2012 and 2013.
The number of homes on the market in the state has increased modestly since the beginning of the year, and the 2,354 for sale at the end of October marked a 19 percent increase from a year prior. But that’s still only 2.3 months’ supply – meaning the time it would take to sell off the current housing stock at the most recent pace of sales – less than half of the 5-7 months that is considered a balanced market. It’s been since October 2016 that New Hampshire had as much as 5 months’ supply.
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.