Posts made by author 'Andy Smith'
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Fall 2023 Market Watch by Andy Smith, CCIM
Tight Inventory Drives Fewer Sales, Higher Prices
It's all about supply and demand in economics and in the real estate market, this theory holds true now. Low supply of inventory and buyer demand has real estate prices in New Hampshire up with a median sales price in August of $490,000. Home prices have continued to sit at record high levels nationally and locally thanks to a limited supply of homes for sale.
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. According to Freddie Mac, the average 30-year fixed-rate mortgage has remained above 6.5% since May. As a result, existing home sales have continued to slow nationwide, but this has done little to cool home prices. These pric...
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Summer 2023 Market Watch
Summer is upon us, and the temperatures are heating up. However, the real estate market is a little cooler than normal this time of year due to the combination of extremely low inventory and higher borrowing costs, which has restricted the market activity going into traditionally strongest part of the selling season. New Hampshire is faring much better than the national market, with the National Association of Realtors reporting that home sales nationally are down 20.4% at the end of June, while NH is only down 7.2% year over year. This tight supply has kept prices trending upward, with the median home price hitting an all-time high of $499,000, a whooping 8.5% increase over the same period last year!