New Hampshire

In annual report, NH Housing depicts real estate market in ‘turmoil’

Published

3 years ago

June 13, 2022

In annual report, NH Housing depicts real estate market in ‘turmoil’

‘For many years, the manufacturing of latest housing has did not preserve tempo with demand in our state,’ writes NH Housing Government Director Rob Dapice in his introduction to the company’s annual Housing Market Report.

The Housing Market Report, issued Monday by the New Hampshire Housing Finance Authority, describes a market in “turmoil, buffeted by rising rates of interest and financial uncertainty that presents extraordinary challenges for renters and homebuyers.”

“The market is at a crossroads,” stated Government Director Rob Dapice. He defined that by elevating rates of interest the Federal Reserve has sought to chill the overheated housing market by dampening demand, however on the identical has elevated the price of dwelling possession past the technique of increasingly more households.

Introducing the report, Dapice notes, “For many years, the manufacturing of latest housing has did not preserve tempo with demand in our state. It could take no less than 20,000 housing items to attain a balanced market, that means a 5% rental emptiness fee (New Hampshire’s hovers at 1 p.c) and a six-month provide of properties on the market (presently lower than one month). The obvious resolution to our state’s housing challenges,” he continues “is to construct extra properties and take away extreme zoning obstacles that hinder this from occurring.”

In the meantime, knowledge introduced by the NH Housing report and echoed by the NH Affiliation of Realtors, signifies that lack of ample stock, each present properties listed on the market and new items underneath development, continues to maintain document excessive housing costs, which have been augmented by rising financing and development prices.

Interest Rates Based on the Freddie Mac Main Mortgage Market Nationwide Survey, rates of interest on a 30-year fastened fee mortgage jumped from 3.1 p.c on the finish of 2021 to five.23 p.c by Could 2022. In New Hampshire, this represents practically a 30 p.c improve within the month-to-month principal and curiosity fee on a house priced at $400,000 with a 5 p.c down fee, excluding taxes and insurance coverage, from $1,623 to $2,093. Charges rose to five.5 p.c in June, growing that month-to-month fee to $2,158.

On the identical time, the report notes that the price of constructing supplies has elevated 35.6 p.c because the onset of the pandemic. The price of constructing supplies alone has jumped 19.2% year-over-year, and 35.6 p.c because the begin of the pandemic. Earlier this yr the Nationwide Affiliation of Dwelling Builders estimated the price of constructing a two-bedroom single-family dwelling, in New Hampshire, together with allowing, materials and labor prices, at greater than $500,000.

Housing affordability index

The housing affordability index, calculated by the NHAR, measures whether or not a median family earns sufficient to qualify for a 30-year fastened fee mortgage to buy a median priced single-family dwelling, assuming a down fee of 20 p.c, with out paying greater than 25 p.c in principal and curiosity. An index of 100 or extra signifies ample revenue to qualify. Since 2005, when the index was launched, it has seldom dipped under 150 and in 2013 neared 300. In Could, when the median sale worth of single household properties saved to $460,000, the index fell to 73.

The NH Housing report additionally presents knowledge indicating that these incomes the median wage in numerous important trades and professions discover themselves far wanting the means to buy a median-priced dwelling. Affordability

As an illustration, a firefighter and a machinist incomes median wages of $46,004 and $49,502, respectively, may afford to pay $167,000 and $180,000 for a house – lower than half the median worth. And in the event that they shared a family with an elementary faculty trainer incomes the median wage of $60,057, their mixed incomes wouldn’t be ample to afford a median priced dwelling.

Knowledge drawn from the Dwelling Mortgage Disclosure Act exhibits that the share of loans used to buy second properties elevated in all 10 counties of New Hampshire between 2018 and 2020. Mortgages for second properties represented 45 p.c of all loans in Carroll County, 33 p.c in Grafton County, 29 p.c in Coos County and 28 p.c in Belknap County. The Financial Coverage Institute experiences that 90 p.c of non-primary residential items are owned by the wealthiest fifth of American households.

An indeterminate share of those second purchases had been made by homebuyers from different states, greater than half of them from Massachusetts. Altogether, they accounted for 1 / 4 of all gross sales from 2016 to 2019 earlier than rising to twenty-eight.5 p.c in 2020, 31.6 p.c in 2021 and 28.8 p.c within the first 5 months of 2022.

NH Housing will concern its 2022 Rental Price Survey subsequent month.

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New Hampshire

Sens. Sharon Carson & Regina Birdsell: We’ll keep New Hampshire on the path to prosperity

Published

3 hours ago

January 11, 2025

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Sens. Sharon Carson & Regina Birdsell: We’ll keep New Hampshire on the path to prosperity

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New Hampshire

Crash impacts traffic on I-95 northbound in NH

Published

14 hours ago

January 10, 2025

Press Room

Crash impacts traffic on I-95 northbound in NH

New Hampshire State Police responded to a crash Friday evening on Interstate 95 northbound in Portsmouth.

The crash happened near Exit 5 and closed the highway in the northbound direction, but police said around 7:45 p.m. that one lane had reopened.

Authorities did not have any word on injuries.

Drivers are being asked to avoid the area if possible. Delays and detours are expected.

No further details were immediately available.

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New Hampshire

NH Butterfly Monitoring Network Offers Online Trainings

Published

1 day ago

January 10, 2025

Press Room

NH Butterfly Monitoring Network Offers Online Trainings

CONTACT:
Heidi Holman, NH Fish and Game: 603-271-2461
Haley Andreozzi, UNH Cooperative Extension: (603) 862-5327
January 10, 2025

Concord, NH — Butterflies serve as important biodiversity indicators for ecosystem health and provide food for many speciess, such as migrating birds. There are more than 100 typess of butterflies in New Hampshire, but data on their presence and distribution is limited. With butterflies using forests, fields, wetlands, and backyards all over the state, volunteer observations are critical to providing a landscape view of these species.

A five-part online training series hosted by the NH Butterfly Monitoring Network will provide information on butterflies in New Hampshire, butterfly biology and identification, and how to get involved with the Network. The NH Butterfly Monitoring Network is a collaborative effort with a goal of engaging volunteers in counting and identifying butterflies across New Hampshire. Data collected by volunteers can contribute to the understanding of long-term trends in butterfly populations and inform conservation actions for both common and declining species.

Webinars in the series will include:

February 12, 6:30–7:30 p.m.: Intro to New Hampshire Butterflies
Mark Ellingwood, Wildlife Biologist and Volunteer with the Harris Center for Conservation Education

February 26, 6:30–7:30 p.m.: Wetland Butterflies of New Hampshire
Rick Van de Poll, Ecologist and Certified Wetland Scientist

March 12, 6:30–7:30 p.m.: Butterflying New Hampshire’s Woodlands
Levi Burford, Coordinator of the Errol Butterfly Count

March 26, 6:30–7:30 p.m.: Identifying New Hampshire’s Grassland Butterflies
Amy Highstrom, Coordinator of the Lake Sunapee Butterfly Count, and Vanessa Johnson, NH Audubon

April 9, 6:30–7:30 p.m.: Become a Volunteer Guide with NH Butterfly Monitoring Network
Haley Andreozzi, UNH Extension

All butterfly enthusiasts are welcome, with or without prior experience. For more information and to register for the session(s) you are interested in, visit nhbutterflies.org.

The NH Butterfly Monitoring Network is led by the NH Fish and Game Department and UNH Cooperative Extension with collaboration from partners statewide, including NH Audubon, Tin Mountain Conservation Center, the Harris Center for Conservation Education, and Ausbon Sargent Land Preservation Trust.

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