News

Another month, another median price record in the New Hampshire housing market. And with this one comes a new low in the NHAR Affordability Index.

Just a month after eclipsing the $500,000 mark for the first time in the state's history, a continued lack of housing supply pushed the median price of a single family residential home to $515,000 in April, a 14 percent increase from the same month last year.

That dropped the Affordability Index to 56, meaning the state's median household income is just 56 percent of what is necessary to qualify for the median-priced home under today's interest rates. It's the lowest number in any month since NHAR began measuring affordability in 2005.

NEW HAMPSHIRE MONTHLY INDICATORS

The news comes just weeks after the New Hampshire House of Representatives rejected Senate Bill 538, the so-called "HOMEnibus" bill, which would have granted municipalities greater authority to increase housing stock through zoning ordinances. The bill had garnered bipartisan support while passing the Senate unanimously before being shot down in the House.

"There are not enough state or federal dollars available to make a serious impact on housing expansion," said NHAR President Joanie McIntire. "If we want to make a dent in the crisis, it will be incumbent on state legislators to incentivize construction and expand housing opportunities."

To that end, McIntire remained hopeful for House Bill 1291, which would grant a property owner the right to build either an attached or detached accessory dwelling unit. That bill has passed the House, and is being heard this week in the Senate.

"When you can't find housing for workers, an affordability problem becomes an economic problem, and that's what we're facing today," McIntire said.

There was just 1.4 months of single family residential housing supply at the end of April, whereas a balanced market is considered between five and seven 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.