August 2012 NHAR Data
Homes Sales Up...Prices continue to climb
New Hampshire Association of Realtors® (NHAR) released data this week confirming that sales of existing homes and prices continue to climb, signs that the housing market is beginning to slowly recover.
Data released Wednesday showed that residential sales in July 2012 were 20% higher compared to homes sold in July 2011. 7,044 homes sold through the first seven months of 2012 were higher than the 5,851 homes sold through the first seven months of 2011.
The median price of home sold in New Hampshire in July 2012 was $215,000 compared to $216,000 in July 2011, just a half of a percent lower. Data confirms stabilizing median prices also.
The last five years have definitely been a buyer’s market; however the market is restricted by tight lending standards and shrinking inventory. Strict lending standards could get stricter in the coming days, as government backed mortgage such as Fannie Mae has informed lenders that it will tighten qualifications for new buyers or those refinancing their homes which could include higher mandatory credit scores for some loans. Such changes could make it more difficult for buyers to qualify for a mortgage.
Evidence in the recent months has pointed to better days ahead for the long suffering housing market. Optimism has appeared in a wide range of data showing increasing sales, homes selling faster, residential construction are up and prices stabilizing.
If the market continues on this tract for the rest of the year into 2013, these numbers should continue to change for the better.
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