The inventory crisis continued to push home prices up in February, as the median price of single family residential units in New Hampshire was $510,000 for the month – a 7.4 percent increase over one year ago and the most expensive February in the state's history.
That's now 61 consecutive months of single family residential year-over-year price increases in New Hampshire.
NEW HAMPSHIRE MONTHLY INDICATORS
As a result, the NHAR Affordability Index remained historically low in February, at 59. It means the median household income is just 59 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 inventory and affordability crisis has led to the formation of the New Hampshire Housing Supply Coalition, a group of four founding organizations, including NHAR, and more than 20 supporting organizations with a focus on alleviating the supply crunch.
"The formation of the coalition is one more indication of how serious a housing issue we are facing," NHAR President Susan Cole said. "It's heartening that there is such widespread support for a solution, and we believe this will be another way that legislators will get the message and take the necessary action."
For the WMUR report on the coalition, click here.
The number of homes on the market in the state has increased modestly since last year, and the 1,409 for sale at the end of February marked an 8.5 percent increase from a year prior. But that's still just 1.4 months' supply of inventory – meaning the time it would take to sell off the current housing stock at the most recent pace of sales. That's roughly a quarter 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.