The June housing market displayed more of the same in terms of prices and affordability, including the highest median price ($538,000) in New Hampshire history and the lowest NHAR affordability index (55) since it began recording in 2005.
Consider this: As recently as March 2013, the median household income in New Hampshire was more than twice what a family needed to qualify for a median priced single family home, and now – with an index of 55 – it's just about half of what's needed.
NEW HAMPSHIRE MONTHLY INDICATORS
New Hampshire REALTORS are continuing to watch the number of homes for sale as a potential sign of relief with regard to the affordability crisis. Months' supply has been on an upward track for the better part of the last year – including year-over-year inventory increases of 15 percent in April, 34 percent in May, and 30 percent in June. It's a deep hole from which to dig, however, considering New Hampshire once had more than 14,000 homes on the market, and the state is now only hovering just above 2,000.
"It's a simple supply and demand issue, with too little supply to meet the demand," said NHAR President Joanie McIntire. "We still believe that restrictive zoning is a fundamental source of the problem, and we hope the legislature continues to consider the housing crisis a priority when it reconvenes next year."
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.