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June 10, 2024
Prices continue historic climb
With inventory at a mere 2 months’ supply, the median price for a single family residential home in New Hampshire continued to climb in May, reaching an all-time high of $525,000.
NEW HAMPSHIRE MONTHLY INDICATORS
Months’ supply is the length of time it would take to sell off the current inventory at the average rate of sales for the previous 12 months. A balanced market is considered between 5-7 months’ supply, a rate not seen in New Hampshire since it last hit 5 months’ supply in October 2016.
With those factors at play, affordability remains historically low. The NHAR Affordability Index in May was at 56 for the second consecutive month, meaning the state’s median household income is just 56 percent of what is necessary to qualify for the median-priced home under today’s interest rates. It’s the lowest such number for any month since NHAR began measuring affordability in 2005.
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.