Median sales price for a single-family home in New Hampshire rose to an all-time high of $495,000 in June, as low inventory across the state continues to take its toll. The higher price, combined with the increased cost of borrowing, dropped the affordability index to an all-time low of 61.
The $495,000 June monthly median is a 7.6% increase over last June’s $460,000 and a sharp climb from May’s $465,250, according to the monthly New Hampshire market report from the New Hampshire Association of Realtors. Median means that half of the sales were for less, and half for more.
The affordability index for a single-family home for New Hampshire residents looking to buy dropped to an all-time low of 61. That means that the median New Hampshire income is 61% of what’s necessary to qualify to buy a median-priced home. May’s index was 66.
The affordability index measures price, current interest rates, property taxes and insurance for a median-priced home and what income would be needed to pay that amount without more than 30% of a family’s income going to housing costs. The median household income in the state for 2023 is $121,400, according to the U.S. Department of Housing and Urban Development.
An ideal affordability index is 100 or higher, and the last time it reached that mark in New Hampshire was January 2022.
The story isn’t much better for those looking to buy a condo. The median sales price of condos increased to $400,000 statewide, up from $350,000 last June and $399,950 in May. The condo affordability index was 76 in June, no change from May. It was 92 in June 2022.
Inventory for single-family homes crept up fractionally in June, to 1.5, from 1.4 in May and 1.6 in June 2022. That means it would take a month and a half to sell off all the state’s available inventory if no more came on the market. Ideal inventory is four to six months.
Condo inventory was 1.4, no change from May, and up from 1.2 in June 2022.
Median sales price dropped in two counties in June compared to last year. In Coos County, MSP was $205,000, down 10.9% from $230,000 last June. There were 33 homes sold in the county in June, compared to 46 in June 2022. In Rockingham County, June median sales price was $602,000, down 0.2% from last June’s $603,000. There were 299 homes sold in the county, down from 350 last June.
The county with the biggest increase in median sales price was Belknap, where it rose 26.3%, to $512,500, over last June’s $405,750. There were 86 home sales in the county in June, compared to 92 in June 2022.
In Hillsborough County, the state’s most populous, the median sales price in June was $503,000, up from $490,000 in June 2022. There were 385 homes sold in the county in June, compared to 451 in June 2022.
Nationally, existing-home sales climbed 0.2% from May, but were down 20.4% compared to June 2022. The national median sales price in June was $396,100, down 3.1% from this time last year.
Other June New Hampshire numbers:
- Single-family home new listings decreased 26.6% from this time last year; listings for condos were up 3.8%.
- Single-family home buyers paid 103.1% of list price, down from 104.6% this time last year, but up from 102.7% in May. The last time it was under 100% was February, when it was 99%.
- Condo buyers paid 102.8% of list price in June, up from 102.7% in May, and down from 103.7% at this time last year.
- Single-family home pending sales decreased 10.2% from this time last year; pending sales for condos were up 6.2%.
- Single-family home inventory decreased 23.4% from this time last year; condo inventory decreased 3.9%.
- Days on the market increased 53.8% for single-family homes, 20 days compared to 12 in June 2022; days increased 33.3% for condos, 28 compared to 21.
- Sales volume for single-family homes in June was $827.9 million, down 7.2% from $892.3 million in June 2022.