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December 16, 2024
Another NH price record
The NH November housing market report
The inventory crisis continued to push home prices up in November, as the median price of single family residential units in New Hampshire was $500,000 – an 11 percent increase over one year ago and the most expensive November in the state’s history.
NEW HAMPSHIRE MONTHLY INDICATORS
That’s now 58 consecutive months of single family residential year-over-year price increases in New Hampshire, and it all but assures that the year-end median price of New Hampshire homes will be over a half-million dollars for the first time.
As a result, the NHAR Affordability Index remained historically low in November, at 60. It means the median household income is just 60 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 only as far back 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 1,968 for sale at the end of October marked an 8 percent increase from a year prior. But that’s still just 1.9 months’ supply of inventory – meaning the time it would take to sell off the current housing stock at the most recent pace of sales – roughly a third 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.