July 11, 2022
Another Affordability Drop
The June 2022 NH housing market report
June marked the second consecutive month that the median price for a single family residential home in New Hampshire hit $460,000 – the highest ever in the state. That’s 13 percent higher than a year ago and brought the median price for the first six months combined to $442,500, roughly $60,000 higher than last year, which had been the previous six-month record.
As a result, the Affordability Index – which weighs the median household income vs. the median cost of a home – dropped by 31 percent to its lowest level in NHAR’s recorded history. The median income in New Hampshire is now only 70 percent of what is needed to qualify for the median-priced home under prevailing interest rates. By contrast, that number has been over 200 percent as recently as February 2018.
Inventory, meanwhile, has ticked up since last month, but the 2,068 single family residential homes for sale is still 4 percent below the level a year ago and the lowest June number in at least 17 years.
The number of homes sold in New Hampshire in June dropped as well, dipping by 10 percent from one year prior.
For our detailed June 2022 market report, click here or download the attached NH Monthly Indicators report. For the Quarter 2 report, click here. For statewide and county level data from 1998 to 2021, click here.
Questions? Please email Communications Director Dave Cummings (email@example.com), or call 603-554-7855.