By Anonymous
New Hampshire home sales dropped 23 percent in August 2008 from the same month a year ago. According to the New Hampshire Association of Realtors, unit sales of single-family homes in August 2008 totaled 1,054, down from unit sales of 1,368 in August 2007.
Median prices for single-family homes also plunged 12.1 percent, to $237,250 from $270,000 in August 2007.
Year-to-date figures for single-family homes have likewise dropped, according to the Realtors' data. Year-to-date unit sales have decreased nearly 20 percent to 6,827, from 8,482 in year-to- date 2007. Median home prices were down 9.4 percent to $240,000 in 2008, from $264,900 during the same period in 2007.
Nationally, trends also were off in August. According to the National Association of Realtors, single-family home sales slipped 1.4 percent to a seasonally adjusted annual rate of 4.35 million in August from an upwardly revised pace of 4.41 million in July, but are 9.6 percent below the 4.81 million-unit level a year ago. The median existing single-family home price was $201,900 in August, down 9.7 percent from August 2007.
In the Northeast (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey and Pennsylvania), existing-home sales dropped 6.6 percent to an annual pace of 850,000 in August, and are 15 percent below a year ago. The median price in the Northeast was $271,000, down 3.8 percent from August 2007.
"It's still a strong buyer's market," said Dave Cummings, NHAR communications director. Current inventory in New Hampshire is 12,140 units, translating into a 13-month supply. This means it would take 13 months to sell all the single-family homes that are on the market today without any new properties being listed.
Copyright Business Publications Inc. Oct 10, 2008
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