Affordability for single family residential homes in New Hampshire dropped to a near historic level in April, another sign that the state is still firmly in the clenches of the inventory crisis.
The affordability index dropped 7 percent from April of last year to 69, meaning the state's median household income is just 69 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. The lowest in NHAR's recorded history is 68, and by comparison, the affordability index in April 2013 was 195.
The median price of homes in April was an all-time high for the month at $450,000, spurred by a continued lack of inventory. There were just 1,262 single family residential homes on the market in New Hampshire at the end of April, a 9 percent drop from a year prior. That's 1.1 months' supply of inventory, where a balanced market is typically considered 5-7 months.
The lack of inventory has also led to a comparative lack of sales. The 713 single family residential homes sold in April marked a 25 percent drop from April of 2022. Year to date, January-through-April sales dropped 21 percent in 2023 compared to the first four months of last 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.
Questions? Please email Vice President of Communications and Member Engagement Dave Cummings (dave@nhar.com), or call 603-554-7855.