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Thursday, June 26, 2014

In county and statewide, home and condo sales slip a little, prices rise a little

Housing sales in New Hampshire remain lower than last year’s rate as prices remain higher, according to data released this week by the New Hampshire Association of Realtors.

Home sales in Hillsborough County actually rose slightly in May compared to a year ago but remain 5.5 percent below last year’s total at this time. As a sign of the cooling market, the average time between listing and sale has risen from 59 to 75 days. ...

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Housing sales in New Hampshire remain lower than last year’s rate as prices remain higher, according to data released this week by the New Hampshire Association of Realtors.

Home sales in Hillsborough County actually rose slightly in May compared to a year ago but remain 5.5 percent below last year’s total at this time. As a sign of the cooling market, the average time between listing and sale has risen from 59 to 75 days.

Hillsborough County’s median home price of $235,000 is the highest of any county in the state, and is 4.5 percent higher than last year. The median price is that at which half the homes were less expensive and half were move expensive.

Statewide, the number of homes sold in May was 5 percent fewer than sales in May 2013, and sales through the first five months of the year, totaling 4,490, are 7.9 percent behind the same period in 2013.

This year’s statewide median price is $219,000, 7.9 percent more than $203,000 last year.

“We need to be mindful that last year’s numbers marked significant increases across the board, so I caution anyone against being overly concerned with a few monthly dips in unit sales this year,” said 2014 NHAR President Alan DeStefano, a 15-year veteran of the industry.

On the condominium market, sales in New Hampshire have also been sluggish compared to 2013, with unit sales down 5 percent in May and 6 percent year to date, while median price saw an increase of 4.1 percent for the year, to $161,250.

In Hillsborough County, condo sales have slipped slightly this year, by 1.9 percent, while median price has risen about 3.4 percent to $155,000.

All 10 New Hampshire counties are trailing the year to date 2013 pace in condo sales.

DeStefano noted that the statewide supply of homes, defined as the number of months it would take to sell off the current inventory at the last month’s pace of sales if nothing else came on the market, was 8.2 months. Industry experts consider seven to nine months a “balanced” market; anything more than that is a buyers’ market and less than that is a sellers’ market.

In May 2013, the supply was 10.2 months, meaning there is less inventory on the market than there was a year ago.

At the end of May, there were 12,358 single family residences on the market in New Hampshire, a 5 percent drop from the same time a year ago.

– Telegraph staff