May 2024 New Hampshire Market Update

 June Housing Market Update: Cooling Trends Amid Rising Prices and Inventory Surges

U.S. Home Sales Decline: The national housing market is cooling down, with a 1.9% drop in existing-home sales for the second month in a row, according to the National Association of REALTORS® (NAR) 📉. This decline spans all regions and is driven by higher mortgage rates and rising home prices, sidelining many potential buyers as we move into summer.

Listings and Inventory on the Rise: New listings are up, with single-family homes increasing by 16.9% and townhouse-condo properties by 8.7% 🏡. Pending sales saw modest gains, and inventory grew by over 28% for both property types. It's like a surge of new releases from a popular author, offering more choices for buyers.

Rising Median Sales Prices: Despite more homes on the market, prices continue to climb. The median sales price hit $525,000 for single-family homes and $449,900 for townhouse-condos, both up over 12% 📈. Think of it as a rare collectible gaining value even as more become available.

Market Activity 🔑: Homes are taking a bit longer to sell, with days on market up by 3.8% for single-family homes but steady for townhouse-condos. The supply of homes increased significantly, providing more options for buyers.

National Trends 🇺🇸: Nationally, home prices reached a median of $407,600, a 5.7% rise from last year and a new record for the month 🏠. Inventory rose to 1.21 million units, a 16.3% year-over-year increase, equating to a 3.5-month supply. This influx is like more seats opening up at a sold-out event, giving buyers more opportunities.

The lakes region: reveals a dynamic and varied landscape across different counties. 

• Belknap and Hillsborough are experiencing robust growth, marked by significant increases in closed sales, median sales prices, and sales volume. This indicates a strong demand for properties and a competitive market environment.
• In contrast, Carroll shows signs of a cooling market with a notable decline in closed sales and sales volume, along with an increase in the days on market. This suggests that buyers may be more cautious or that there may be fewer high-demand properties available.
• Regional variability has become noticeable: while some areas are booming with increased activity and rising prices, others are seeing a slowdown, indicating a shift in buyer preferences or market saturation in those areas. For potential buyers and sellers, this highlights the importance of understanding local market conditions and trends to make informed decisions.

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

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!