Homes Sales Up...Prices continue to climb

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.

Residential home sales: Will 2012 be the breakout year?

 April 23, 2012

Here is some good news. Residential homes sales in New Hampshire are up 17 percent above 2011 and the highest they've been since 2007.  Read the new article from the NH Association of REALTORS


Read The Article...

New Hampshire Housing Market: Current Snapshot

On many levels, New Hampshire’s financial well being is the real estate market.  Not only are our tax revenues derived from the sale and assessment of real estate, our home owners also have a vested interest in what is taking place in the market and where we stand versus years past. The chart below shows the home sales for the first two months of 2012 versus 2011. The trend that was predicted in December of last year has played itself out so far in the first 60 days of the year: many more homes sold at slightly reduced or even pricing.

The trend of move units sold is almost universal across the state while the depreciation (and appreciation) on prices is more volatile. One of the main reasons for the resurgence of the housing market we feel is due in part to interest rate stabilization.

Many Realtors® feel that although we are experiencing some problems, the road to recovery has begun.Home affordability is at an all time high, if you are planning on staying in one place for more than 4 years, you have a steady job, good credit and a good savings than purchasing a home is the right path for you as a home buyer.   Taking advantage of today’s market is the best long term investment a buyer can make.  With interest rates at an all time low a family who was looking for a home a year or more ago can expect lower interest rates today, and their monthly payments may end up being lower as a result. 

Now is the time for home buyers to take advantage of programs such as USDA’s Rural Development  financing programs or NH Housing grants for those who qualify and FHA now qualifying people with as little as 3.5% down.  Also many credit unions and banks are offering special financing in their local communities.

For many families this market is creating an opportunity to purchase a home for much less than before.Many analyst hope that with all these opportunities we may see a positive change to the Real Estate market in the future.