Housing Market Hot or Not?
The housing market still appears to be going strong both in the US and in NH. Nationally, the median sales price through Aug. was up 4.7% to $278,200 and in NH it was up 5.6% to $299,900. A strong labor market, low interest rates, and low inventory continue to impact housing sales by pushing up home prices. Locally, in the towns of Newbury, New London, & Sunapee combined, sales up are up - 164 homes sold YTD through Aug. compared to 135 sold in 2018. Avg. days on market this year is 78 days compared to 116 days last year for the 3 towns and the avg. selling price was 96% of the asking price. Interestingly enough, in our area the median sales price through Aug. stayed about the same at $351,000 (last year it was $350,000).
While the U.S. economy at large looks positive, experts are split on whether another recession is on the horizon. However, most signs point to continued good news for the housing market. The CoreLogic HPI Forecast predicts a moderate but healthy 5.6% acceleration in annual home price growth to June 2020. Bottom line, the housing market is really good for buyers and sellers. Mortgage rates are low and home prices are still rising. Contact me to work with a realtor who understands how the market impacts you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com.