April 17, 2023
Unit sales, affordability drop
The 713 single family residential homes sold last month was the lowest March sales number since 2008 and marked a 13 percent decrease in closed sales from a year ago. Year to date, there have been 20 percent fewer single family residential homes sold than in the first three months of 2022.
The number of homes for sale continued to dwindle as well. There were just 1,197 homes on the market in the state at the end of March, amounting to a single month’s supply of inventory. A balanced market is considered 5-7 months, a range not seen in New Hampshire since 2016 and prior.
Price seems to be leveling somewhat, but even so, the $445,000 median price in March was the highest in New Hampshire history for the month. As a result, the affordability index dropped 12.5 percent from last March to 70, meaning the state’s median household income is just 70 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. By comparison, the affordability index in March 2013 was over 200.
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