(The Middle Sq.) – New Hampshire housing prices are persevering with to skyrocket with the median worth of a single-family residence in a single month leaping 10% to $440,000 in March, in accordance with a brand new report.
The newest month-to-month report from the New Hampshire Affiliation of Realtors discovered the median worth for a house within the state elevated by 20.5% from the identical interval final 12 months. The median worth for townhome and condominium models was $350,500 final month, a 31% improve from March 2021, the affiliation mentioned.
As residence costs proceed to climb, the variety of closed gross sales has dwindled, falling by 23.1% since final 12 months. Solely 811 single-family residential residence gross sales had been closed in March 2022, the report famous. That is in comparison with 1,055 single household residence gross sales in the identical month a 12 months in the past.
The report’s authors famous that New Hampshire homebuyers are “feeling the chunk of inflation and surging mortgage rates of interest” which elevated to 4.6% final month.
“Month-to-month funds have elevated considerably in comparison with this time final 12 months, and as housing affordability declines, an growing variety of would-be homebuyers are turning to the rental market, solely to face related challenges as rental costs skyrocket and emptiness charges stay at near-record low,” the report’s authors famous.
New listings for single household properties final month decreased by greater than 14%, in accordance with the report, highlighting the continued scarcity of market-priced properties.
Properties that come onto the market are getting snapped up faster, the report famous. The typical days in the marketplace for single-family properties dropped by 17.5% final month, whereas the variety of days in the marketplace for townhouse/condominium properties dropped by the same quantity.
Nationally, residence gross sales dropped lately to a six-month low, falling 7.2% final month as patrons wrestle to discover a residence amid rising costs and a scarcity of stock.
Pending gross sales are additionally down, falling by 4.1% throughout the latest measure, in accordance with the Nationwide Affiliation of Realtors.
“Builders are working laborious to ramp up manufacturing however greater building prices and growing gross sales costs proceed to hamper new residence gross sales, regardless of excessive demand for added provide,” the report’s authors famous.
New Hampshire must construct a minimum of 20,000 extra housing models to satisfy present demand, in accordance with a 2020 report by the state’s Housing Finance Authority.
Lawmakers are contemplating a proposal from Republican Gov. Chris Sununu to take a position $100 million in federal pandemic reduction cash to create a brand new housing fund that would offer state grants to municipal governments, builders and property homeowners to construct new properties. The proposal, which has cleared a number of hurdles, is pending approval by the Govt Council.