Home sales are down in New Hampshire as a lack of inventory continues to throttle the housing market.In April, 713 single-family homes were sold in New Hampshire. That’s down 25% from last year and down 41% from two years ago.Roughly 1.4 million people live in New Hampshire, and there are currently only 1,056 single-family homes for sale.Realtors told News 9 that high-interest rates are part of the reason for a low inventory of homes. If someone’s current mortgage rate is 2-3%, they might be reluctant to take on a new mortgage at 6%.That means fewer homes are for sale, and the ones that get on the market go quickly.”And it is a hot market,” said realtor Cameron Lilley. “We’re still seeing 30% of the homes go to multiple offers. So that’s a big number.”In April, houses stayed on the market for an average of 40 days, a fast turnaround. The current inventory of single-family homes in New Hampshire would meet the demand for just over one month. The New Hampshire Association of Realtors said a five- to six-month supply of homes is ideal.”I had a house for sale a few weekends ago. We had, I don’t know, 75 people through it, 10 offers,” said Joanie McIntire, the president-elect of the New Hampshire Association of Realtors. “That tells me that nine people who made offers didn’t get a house that weekend. And there’s still another 74 out there looking.”Constraints in the housing market are causing ripple effects. McIntire said it’s tough to attract workers to solve staffing shortfalls in the health care industry if there aren’t houses to buy.”Homeownership is still the American dream,” she said. “It’s great for an economy when somebody buys a house.”New homeowners also tend to buy things such as furniture and get landscaping done. It’s estimated that about 20% of New Hampshire’s economy is tied to the real estate market.
Home sales are down in New Hampshire as a lack of inventory continues to throttle the housing market.
In April, 713 single-family homes were sold in New Hampshire. That’s down 25% from last year and down 41% from two years ago.
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Roughly 1.4 million people live in New Hampshire, and there are currently only 1,056 single-family homes for sale.
Realtors told News 9 that high-interest rates are part of the reason for a low inventory of homes. If someone’s current mortgage rate is 2-3%, they might be reluctant to take on a new mortgage at 6%.
That means fewer homes are for sale, and the ones that get on the market go quickly.
“And it is a hot market,” said realtor Cameron Lilley. “We’re still seeing 30% of the homes go to multiple offers. So that’s a big number.”
In April, houses stayed on the market for an average of 40 days, a fast turnaround.
The current inventory of single-family homes in New Hampshire would meet the demand for just over one month. The New Hampshire Association of Realtors said a five- to six-month supply of homes is ideal.
“I had a house for sale a few weekends ago. We had, I don’t know, 75 people through it, 10 offers,” said Joanie McIntire, the president-elect of the New Hampshire Association of Realtors. “That tells me that nine people who made offers didn’t get a house that weekend. And there’s still another 74 out there looking.”
Constraints in the housing market are causing ripple effects. McIntire said it’s tough to attract workers to solve staffing shortfalls in the health care industry if there aren’t houses to buy.
“Homeownership is still the American dream,” she said. “It’s great for an economy when somebody buys a house.”
New homeowners also tend to buy things such as furniture and get landscaping done. It’s estimated that about 20% of New Hampshire’s economy is tied to the real estate market.
