October 11, 2022
Another Affordability Drop
The September housing market report
The median price of a single family residential home in New Hampshire was $440,000 in September, a 10 percent increase from last year and the highest September price number in New Hampshire history.
The year to date median price remains historically high as well. At $445,000 through the first nine months combined, that’s 13 percent higher than 2021, which had been the highest ever to that point.
Closed sales, meanwhile, were 11 percent below a year ago in September and 14 percent lower than year to date 2021. It marks the 15th consecutive month that sales have decreased compared to a year prior.
Inventory in New Hampshire remains scarce. The 2,171 single family residential homes for sale at the end of September is a 5 percent drop from a year ago and provides just 1.7 months’ supply of inventory. A balanced market is considered to be roughly six or seven months’ supply.
Affordability, meanwhile, hit an all-time low in September, with an index of 69, which means 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.