The median price for New Hampshire single family residential homes was $480,000 in July, a record for the month and a 7 percent increase from a year ago.
Unsurprisingly, the affordability index fell to 62, second-lowest in NHAR's recorded history and a 17 percent drop from July 2022. That means the state's median household income is just 62 percent of what is necessary to qualify for the median-priced home under prevailing interest rates.
The affordability crisis continues to be driven in large part by the lack of inventory. There were 1,700 single family residential homes on the market in the state at the end of July, a 28 percent drop from a year prior. That's 1.6 months' supply of inventory, where a balanced market is typically considered 5-7 months.
Of those 1,700 homes for sale, only 390 of them were on the market for under $350,000.
Meanwhile, the 1,142 homes sold in July marked a 23 percent drop from July of 2022. In the first seven months combined, sales decreased 20 percent in 2023 compared to the same period last year. Additionally, pending sales, the number of properties on which offers have been accepted but not yet closed, is down 15 percent year to date.
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.