The state’s housing market continued to see bidding wars and median sale price records.
New Hampshire’s statewide median sale prices jumped yet again last month as homes that went under agreement during the fevered spring market continued to close.
There were 1,463 single-family sales in June, up 13.24 percent from the same month in 2020 as the state was emerging from early-pandemic lockdowns, according to The Warren Group, publisher of The Registry Review. The median single-family sale price hit $385,000, a 22.25 percent jump on the same basis. That marks another record high for a monthly median single-family price, and the third month in a row that the record has been broken. The increase in sale prices is also one of the largest seen in 20 years.
Compared to the same month in 2019, June’s monthly median sale price saw an even bigger jump: 28.76 percent. The total number of sales declined sharply, however, with that figure falling by 14.59 percent, illustrating continued inventory shortages.
According to the New Hampshire Association of Realtors, only 1,905 homes were for sale in June, down 37.4 percent from June 2020 when the number of homes for sale was even lower than a typical mid-winter month thanks to the pandemic.
Total single-family inventory sat at 1,905 listings in June, 37.4 percent below June 2020’s figure but up from 1,663 in May.
The market’s tightness was echoed in the average share of list price the state’s sold single-family homes received. According to NHAR, that figure sat at 104.4 percent in June, up from May’s 104 percent, indicating the prevalence of bidding wars. It’s the 11th straight month that figure has been above 100 percent and the fifth consecutive month of gains.
Year-to-date, there have been 5,745 single-family homes sold according to The Warren Group, nearly equal to the same figure in June 2020 but 17.69 percent down from the same figure in June 2019. The year-to-date median single-family price is $355,000, up 18.33 percent from June 2020 and up 26.82 percent from June 2019.
NHAR’s June market report contained two potentially positive data points for the single-family, however. The number of months’ supply rose above one month for the first time since November. And the number of new listings in June exceeded May’s by more than 400 homes, when May has historically seen the largest number of new homes hit the market of any month.
In a note accompanying its June report, NHAR wrote that it could be a sign that despite mortgage interest rates that continue to hover at or below 3 percent, homes may now be priced out of reach of many buyers, and others have grown frustrated with losing bidding war after bidding war.
“The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition,” the association said.
Condos See Strength
The statewide condominium market, although much smaller than the single-family market, continued to see strong price appreciation.
There were 482 homes sold in June, – up 3.43 percent from June 2020 and down 10.74 percent from June 2019 – at a median sale price of $261,767. That figure marks a 9.63 percent increase from June 2020 and a 20.63 percent increase from June 2019, but not an all-time high. That title is currently held by May’s median sale price: $284,500.
Year-to-date, there have been 2,208 condos sold, a 6.41 percent increase from the same figure last year and 10.68 percent down from the year-to-date tally in June 2019. The year-to-date median sale price sits at $260,000, 12.07 percent up from June 2020 and 28.23 percent up from June 2019. The figure tied May’s median condominium sale price and represents an all-time high.
