CONCORD, NH – Indications that New Hampshire single-family home market is loosening up inched up in June, but median sales price is also up, dropping affordability to an all-time low in June.
The median sales price for a single-family home in New Hampshire in June was $565,000, according to the New Hampshire Association of Realtors monthly market report. Median means that half of the homes closed for a higher price, and half lower. That’s up from $540,000 both last month and in June 2024.
The affordability index for June was 53, meaning that the state’s median income is 53% of what’s needed to cover monthly cost of a home in the state, including mortgage payment, insurance and property tax. The median income for the state is $87,356, according to the U.S. Census Bureau. The affordability index in both June 2024 and last month was 55.
An ideal affordability index is 100 or higher. The last time it was above 100 was December 2021, when it was 101. Since then, it’s steadily dropped to June’s record low.
That said, sales indicators are on a positive trend, with closed sales [7.4%], pending sales [17.7%], new listings [19%] and overall homes on the market [25.5%] all up. [See chart for numbers].
Inventory was also up, to 2.3, meaning that if all the homes on the market sold for the same pace they were selling now, with no new ones added, it would take 2.3 months to sell them. An ideal inventory is six months’. Inventory was 2.0 a year ago, and 2.2 last month.
It’s still a seller’s market – homes in June spent an average 19 days on the market and paid 101.1% of list price. A year ago, homes spent an average 18 days on the market and buyers paid 102.4% of list price.
Those hoping to find a deal in the less expensive condo/townhouse market also had to act fast – those properties spent an average 23 days listed, a little better than the 19 of June 2024. Buyers paid 101% of list price, compared to 101.5% a year ago.
Median sales price for a condo/townhouse in June was $427,000, down from May’s $450,000. MSP in June 2024 was $415,000. The affordability index in June was 70, compared to 72 a year ago and 66 in May.
Closed sales [16%], pending sales [33.3%], new listings [30.3%] and overall properties on the market [19.1%] were all up from June 2024. [See chart for numbers].
Inventory was 2.2 in June, the same as in May, and up from 1.9 in June 2024.
Median sales price for a single-family home in June in Hillsborough County, which includes Manchester and Nashua, was $570,000, the same as what it was 12 months ago, but up from $550,000 in May. There were 339 closed sales in the county in June, up from 293 in June 2024.
MSP for a condo/townhouse property in Hillsborough County in June was $399,500, up 2.4% from $390,000 a year ago. It was $386,000 in May. There were 132 closed sales in June, compared to 110 in June 2024.
At the mid-year mark, sales indicators for single-family homes are better than a year ago, with increases in closed sales [0.9%], pending sales [7%] and new listings [11.6%]. Overall homes on market and inventory are not tracked on a year-to-date basis.
Homes have spent an average 31 days on the market so far this year, compared to 26 last year, with buyers paying 100.3% of list price, compared to 101.3% at the 2024 halfway point.
The year-to-date affordability index is 56, compared to 59 at this time last year.
The condo/townhouse market is showing the same year-to-date trend, with closed sales [0.1%], pending sales [6.1%] and new listings [11.7%] all up from last year’s six-month point.
Condo/townhouse properties have spent an average 32 days on the market in the past six months, compared to 27 in 2024. Buyers paid an average 100.6% of list price, compared to 101.3% a year ago.
The year-to-date affordability index is 71, compared to 73 a year ago.
Nationally, sales of existing single-family homes were up 0.8% in June compared to a year ago, exceeding economists’ expectations, according to the National Association of Realtors. Year-over-year, though, they were down 0.7%. Heading into June, there were 1.54 million homes for sale nationally, a 4.6-month supply, and an increase of 6.2% from the previous month and 20.3% over June 2024. The national median sales price was $422,800.