New Hampshire home, condo sales take big falls in September
But single-family home median price rises by 9.2 percent
Sales of single-family homes in New Hampshire fell 8.4 percent in September. But the new monthly market report from the NH Association of Realtors also found that while the median sale price rose by 9.2 percent – to $289,000 – total sales volume fell by 0.7 percent.
The picture was somewhat similar in the condo market, where sales fell by 18.7 percent in September compared to a year earlier, but the median price fell as well, by 2.5 percent, to $195,000.
Most of the numbers reported are along the lines of the previous few years, as tightening sales inventory drove up home prices. But they may begin to be viewed in a different light now, as interest rates begin to climb – the average rate for a 30-year fixed mortgage was 4.75 percent on Tuesday, according to Bankrate.com. A year ago, the rate was 3.90 percent.
Nevertheless, New Hampshire’s real estate market remains tight, with average days on market for single-family homes down to 54 in September, eight fewer than a year earlier. Likewise, inventory was down to 4.0 months, from 4.6 months a year ago. On the condo market, inventory was down to 2.5 months from 3.2 months a year earlier and units were on the market for an average of 50 days, compared to 61 a year before.
Year-to-date, there have been 13,223 single-family sales, down 0.5 percent, from 13,292. On the condo market, year-to-date sales are up 1.2 percent, to 3,673 from 3,628 in 2017.
Meanwhile, on the Seacoast, the Seacoast Board of Realtors reported that in 13 sample Seacoast communities there were 67 single-family sales in the month, the slowest since February and the slowest September since 2010. Sales were off 50.3 percent from August and 36.7 percent from 2017. Median sale price of $316,950 was 5.7 percent ahead of last year.
There were 59 September condo closings, three fewer than August and the slowest month for condos since March. The monthly median sale price of $339,000 was up 15.9% from August and 14.3 percent from 2017.