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The July housing market continued the trend of historically high prices, low inventory, and low affordability – and a continued sellers' market in desperate need of opportunities for more housing stock.

NEW HAMPSHIRE MONTHLY INDICATORS

The median price of a single family residential home sold in New Hampshire was $530,000 in July, a record high for the month and a 10.4 percent increase from July 2023. Nearly one in five homes on the market at the end of the month were listed for over $1 million.

Although inventory increased 29 percent from last year to 2,228 in July, that's still nearly 10,000 fewer homes than were on the market in July 2014. And months' supply – meaning the time it would take to sell off the current inventory at the most recent pace of sales – has also inched up over the last two years, but at 2.2 months it remains less than half what is considered a balanced market.

“Housing advocates are getting the word out that we need more housing in order to have a healthy economy and build strong communities,” NHAR President Joanie McIntire told New Hampshire Business Review for an Aug. 12 story on the housing market. “We just need policymakers to listen to and hear the voices of residents in New Hampshire’s cities and towns desperate for more housing supply.”

The lack of inventory and resulting high prices have meant a continued drag on affordability. The NHAR affordability index of 57 in July means the median household income is just 57 percent of what is necessary to qualify for the median-priced home under prevailing interest rates, an 8.1 decrease from a year ago. For context, the index was over 200 at times during 2012 and 2013.

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.