New Hampshire is heading for its fewest single family residential housing sales since 2012, following a sluggish November which saw sales drop by 5.5 percent compared to November 2022. It was the 29th consecutive month of year-over-year SFR sales decreases in the state.
Affordability remains the primary driver in the relative lack of activity, as prices of those homes were at an all-time November high of $450,000, 3.4 percent above last November. It has now been 45 consecutive months that the state has seen year-over-year median price increases.
As a result, the Affordability Index hit 64, meaning the state's median household income is just 64 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. That's a 7.2 percent decrease from a year prior, and 40 percent below November 2021, when the Index was 106. For context, the Affordability Index for residential housing in the state has been as high as 220, that coming in February 2012.
Inventory, meanwhile, was at 1,775 at the end of November (3 percent below November 2022), leaving the months' supply in New Hampshire at 1.8. The national months' supply number is 3.6, still well below the 6-7 months considered a balanced market.
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.