There were 1,637 residential sales in July, compared with 1,331 from a year ago, marking the most sales in a single month since August 2005. With a median price of $230,000 (compared with $207,900 in July 2012), it added up to a 37 percent increase in overall July sales volume, meaning the total dollars exchanged in those transactions.
“I read somewhere that it won’t be long before the ‘housing recovery’ is simply referred to as ‘housing,’” said 2013 NHAR President Bill Weidacher. “We no longer have to qualify the recovery as a hypothetical or as something that we’re forecasting or dreaming about. It’s here.”
Year to date numbers in 2013 continue to be on the upswing as well. For the first seven months combined, compared to 2012, closed sales are up 12 percent, median price is ahead by 10 percent, and sales volume saw a 17 percent increase.
The average days on the market for sold homes, meanwhile, dropped by 18 percent in July, from 107 days in 2012 to 88 days this year. The year to date comparison is a 13 percent decline, from an average of 118 days on the market over the first seven months of 2012 to 103 in 2013.
Pending sales, a forward-looking sales indicator, increased by 23 percent in July and has risen 12 percent year to date.
And months’ supply, which measures the number of months it would take to sell of the current inventory of homes at the current pace of sales, dropped from nearly 15 months in July 2012 to 11 in July 2013.
“We’ve been in a buyers’ market for so long, some of those relatively new to the business are seeing things lean back toward the sellers for the first time,” Weidacher said. “There’s certainly more balance in the market than we’ve seen in years.”
Condominium sales in New Hampshire, meanwhile, trended similarly in July.
Locally, nine of the 10 New Hampshire counties saw residential unit sales increases in July, with Sullivan County the only exception, and nine of 10 witnessed July median price increases as well.