Home sales continue torrid pace in NH
September transactions rise 15.7% as median price jumps 14.9%
Buyers are snapping up homes faster than they’re being put on the market, with the lack of inventory continuing to drive up prices by double-digit percentages.
In September, just when things usually begin to slow, the number of sales rose 15.7% compared to last year, with 1,901 sales reported, The median price is up 14.9%, to $350,500, and sales volume is up 40.3% to nearly $805 million.
And expect the housing market to continue to heat up as the temperature falls. New listings increased 8.1% and pending sales were up by a whopping 39.1%.
But those new listings aren’t enough to meet demand as inventory continues to shrink. There are nearly 60% fewer homes on the market than a year ago. Or, to look at it another way, if no homes were to come on the market, the entire remaining inventory would be sold out in less than a month and a half. Homes, on average, are purchased in 46 days and get 100.3% of asking prices.
When it comes to condos, the situation is similar, just not quite as strong. Sales are up nearly 11% and the median price is up 12% to just shy of $250,000.
The double-digit sales growth in September was just a continuation of what was seen in the entire third quarter. Home prices went up 13.3% in July and 14.8% in August before September toped that by a point. Before that, the highest percentage growth all year was 11.2%, oddly enough, right after the pandemic hit.
For the rest of the year, aside from January, there was healthy single-digit growth.
Rockingham County recorded the highest median home price –$471,000, a 19.2% increase. The biggest monthly jump in median price was found in Carroll County, where it was $330,000, a 30.4% increase, matching Merrimack County’s median home price, which was a 22.3% increase.