February 12, 2024
Sales, pending sales see January increase
With the National Association of REALTORS predicting a 13 percent increase in home sales in 2024, New Hampshire showed early signs of moving in that direction, according to the NHAR Monthly Indicators market report for January.
For the first time since April 2021, the state saw a second consecutive month of increased pending sales, meaning the number of single family residential properties on which an offer has been accepted. January also marked the first time since April 2021 that New Hampshire showed an increase in both closed sales (5.6 percent over January 2023) and pending sales (up 4.2 percent) in the same month.
“Obviously, it’s far too early to determine whether this marks the beginning of a trend, but it’s certainly unique to the market we’ve been experiencing for the past few years,” said 2024 NHAR President Joanie McIntire. “The real question to be answered is whether the state can dig out of the inventory and affordability hole that we’re in.”
In that regard, the trend of the last few years continued in January. The number of single family residential homes for sale in New Hampshire at the end of the month was just 1,270, a 3 percent decrease from January 2023. And the median price of homes sold in January was $445,000, the highest in state history for the month.
That led to an affordability index of 68, meaning the state’s median household income is just 68 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. That’s a 12 percent drop from a year prior, and a 52 percent decline from January 2020, when the Index was 141.
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