August 2023 New Hampshire Market Update

High Interest Rates Continue to Dampen Sales Volume

Mortgage Rates and Home Sales Dipping: This August, the housing landscape continued to be influenced by higher mortgage rates, soaring past the 6.5% mark since May. According to Freddie Mac, this is the highest in two decades. Such rates have led to a nationwide decline of 2.2% in existing-home sales month-over-month, with a notable 16.6% decrease compared to last year, as reported by the National Association of REALTORS® (NAR) 📉.

New Listings and Inventory Show Varied Trends: In August, new listings for single-family homes were down by 8.8%, while townhouse-condo listings saw a modest bump of 1.5% 🏘️. Overall, inventory is still tight—decreasing 17.6% for single-family homes and 7.6% for townhouse-condo properties.

Rising Sales Prices Despite Sales Drop: Don't let the falling home sales fool you; prices continue to climb. Single-family homes have seen a median sales price hike of 8.9% to $490,000, while townhouse-condo properties are up 8.5% at $385,000 📈.

Selling Your Home May Take Longer: The Days on Market increased for both property types—5.3% for single-family homes and 18.2% for townhouse-condo properties ⏰. If you're considering selling, you might be in it for the long haul.

Inventory Struggles Continue: In a persistently tight market, the months' supply of inventory has increased by 5.9% for single-family homes and 15.4% for townhouse-condo properties. Heading into August, there were 1.11 million homes available for sale, a 14.6% drop compared to the same period last year 🏡.

National Price Trends: Nationwide, the limited supply continues to push prices up. According to NAR, the national median existing-home price is at $406,700, up 1.9% from last year.

Have any questions about the state of the market? Don't hesitate to reach out at 603-273-6160

Want to know everything there is to know about buying and selling a house in the New Hampshire Lakes Region Area?  Check out our other Blog Posts!