Residential housing affordability in New Hampshire hit its lowest point in more than two decades at the end of October.
The month's Affordability Index reached 58, meaning the state's median household income is just 58 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. That's a 16 percent drop from a year prior, and a 46 percent decline from October 2021, when the Index was 109.
For context, the Affordability Index for residential housing in the state has been as high as 220, that coming in February 2012.
It's a lack of inventory that continues to push pricing to record heights. There were just 1,951 single family residential units at the end of the month (a 5.5 percent decrease), and the $477,000 median sale price was the highest for any October in New Hampshire history.
With a 17 percent drop in SFR sales in October, it has been more than two years since the state saw an increase in year-over-year monthly sales, and the string of consecutive median price increases dates back to February 2020, a span of 44 months.
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