CONCORD, NH – Some sales indicators for existing single-family homes in New Hampshire ticked toward the positive in February, but the big indicators for buyers – price and affordability – remained stubbornly high and out of reach for many.
The monthly market report from the New Hampshire Association of Realtors shows an increase in closed sales, pending sales, sales volume and new listings from February 2023. But the median sales price for a single family home, $475,000, is an 11.6% hike from the $425,500 of a year ago and also a big jump from January’s $445,000. Median means that half of the homes sold for a higher price, and half lower.
The affordability index in February was 62, down from 70 in February 2023, and from 68 in January. That means that median New Hampshire income is 62% of what is needed to pay the monthly costs of a median-priced home, including mortgage payment with interest, property taxes and insurance.
Those looking for the traditionally cheaper condo/townhouse option are increasingly feeling the pinch as well. The median sales price for a condo/townhouse in New Hampshire in February was $377,500, up 10.4% from $342,000 in February 2023, though down from January’s $425,000. The affordability index for condo buyers was 78 in February, down from 90 the previous year.
That said, new listings for single-family homes were up 33.9%, with 865 in February, compared to 646 a year ago. They were up 16.6% for the much smaller condo/townhouse market, with 309 listed, compared to 265 a year ago.
Pending sales were up 28.8% for single-family homes, 813 in February, compared to 631 a year ago. Condo/townhouse pending sales were up 20.5%, 317 compared to 263.
Sales volume, the amount of money generated by closed sales, was up 15.1% in February over the February before for single-family homes, and up 33.9% for condo/townhouses.
Inventory, though, continues to be a stickler on the market. It increased from 1.1 months’ supply to 1.2 for single-family homes, but down from 1.3 in January and significantly down from a 12-month high of 2.1 in September. Industry experts say inventory needs to be around 5-6 months’ worth before it will have an impact on prices. Condo inventory is up from 1.2 a year ago to 1.3 in February, but down from 1.5 in January.
Nationally, inventory is up 2% from January and 3.1% from February 2023, according to the National Association of Realtors. The national median sales price is $379,100, up 5.1% from February 2023.