NH housing market
The September 2009 NH housing market data has been released from NHAR. The real estate data is still relatively grim but with a few silver linings. The grim portion of the data is unemployment and foreclosures continue to increase and remain a drag on the housing market. On the other hand house sales are up month over month, unemployment is 3% lower than national average and New Hampshire’s economic activity index is the 4th highest in the country meaning we are poised for quicker recovery in terms of sales and selling price than most of the country.
NHAR stated:
Residential home sales statewide for June, July and August were 3 percent above last summer and year-to-date home sales were essentially the same as last year (-0.8 percent). But median home prices kept falling, resulting in $300 million less sales volume. The median home sale price this August statewide was $213,000, about the same as in August 2002.
Condominium sales were down 14 percent year to date, and the August median sale price of $165,000 was 12 percent below August of last year, and a bit below the 2003 median sale price. One issue weighing on condominium sales is that their median sale price was very close (74 percent) to the residential home median selling price. In some rural counties, it was equal to it or higher.
Most data and reports still point to an early next year recovery. So kiss the recession goodbye by the end of 2009 with a slow climb out in Spring 2010.
