New Hampshire home sales indicators, inventory improve

CONCORD, NH – Housing sale indicators are up in New Hampshire from a year ago, including inventory, which while still low, is on a three-month run of being higher than it had been in nearly five years.

New listings, pending sales, closed sales and inventory for existing single-family homes all increased in year-over-year numbers released by the New Hampshire Association of Realtors in its monthly market report

The median sales price for a single-family home is also up from where it was a year ago —$520,000, compared to $488,250 in September 2023. Still, that MSP is down from August’s $535,000 and is the lowest it’s been since April. Median sales price means that half of the existing  single-family homes sold in New Hampshire sold for more, half for less. The national MSP is $416,700.

Inventory remained steadily higher than it’s been in nearly five years, at 2.4, which means that if all the homes on the market sold at the pace they’re selling now, with no more added, they would sell in 2.4 months. A six months’ inventory is considered what’s needed for a stable market. The state’s chronically low inventory for more than a decade is one of the biggest contributors to the state’s housing crisis, industry experts say. The last time inventory was 2.4 was December 2019. Since then, it declined steadily, and was often below 2, and even below 1 for long stretches. [August’s inventory was originally pegged at 2.3 by the NHAR, but was adjusted to 2.4 in this month’s report].

Inventory also increased nationally, with 1.35 million units for sale, a 0.7% increase from the previous month and 22.7% higher than 12 months before, according to the National Association of Realtors.

“While monthly existing-home sales [nationally] were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead,” NHAR said in its report.

The affordability index also increased to 61 from 59 a year ago. That means that the state’s median income is 61% of what’s needed to get a mortgage on a median-priced house. An affordability index of 100 or more is considered ideal.

New listings in September were 1,547, up 7.6% from 1,438 a year ago; there were 1,299 pending sales, up 22.9% from September 2023’s 1,057; there were 1,183 closed sales, up 5.2% from 1,124 a year ago; and 2,430 homes for sale overall, up 21.6% from 1,999 a year ago.

Most sales indicators were also up for the condo/townhouse market, which is a much smaller share of the state’s residential housing market, so can be more easily affected by a sales of higher-priced properties. Median sales price for a condo/townhouse in September was $401,000, down from $402,708 in September 2023. Inventory is 2.1, up from 1.7 a yar ago. The August MSP for a condo/townhouse was $406,089.

Closed condo/townhouse sales decreased 4.6%, with 355 closings, down from 372 a year ago. There were 383 pending sales, up from 335; there were 418 new listings up from 400; and overall 701 condo/townhouses for sale, up from 561.

The affordability index for condo/townhouses was 79 in September, up from 71 a year ago.

The hot county for September was Belknap, where single-family home sales were up 44.4% over September 2023. Closed sales for the month totaled 91, compared to 63 a year ago. Median sales price was $550,000, a 22.2% leap from September 2023’s $450,000. Belknap County is in the Lakes Region and includes Belmont, Gilmanton, Laconia, Tilton, Gilford, Alton, Sanbornton, Barnstead, Meredith and New Hampton.

The highest New Hampshire MSP in September, $635,000, was in Rockingham County, on the seacoast, where 234 single-family homes were sold. Hillsborough County, which includes Manchester and Nashua and is the state’s most populous, had a September MSP of $516,500, with 284 homes closed on in September.

The affordable county of the month was Coos, where median sales price dropped 12.8% to $235,000, compared to $272,500 a year ago. There were 32 single-family home sales in September in the state’s northernmost county, compared to 44 a year ago. The only other county in the state where MSP dropped in September was Carroll, where it decreased 3.2%. Median existing single-family home price was $474,500 for 100 homes sold in Carroll County, compared to $490,00 a year ago, with 78 homes sold. Carroll county is in northwestern New Hampshire, and includes Conway, Moultonborough, Tuftonboro and Wolfeboro.