Mortgage demand shrinks as interest rates hit the highest levels in 23 years! The housing market is really at a standstill and will remain at that standstill until we see a drop in interest rates.
July 2023: Median New Hampshire $480,000.
Home sales volume down 15% from 2022.
Median NH Sales Price $495,000 (up 7.6% from June 2022).
Closed Home Sales June 2023: 1,379 (down 15.5% from June 2022).
Sales of previously owned homes were essentially flat in May compared with April, according to the National Association of Realtors. Though sale prices have continued to rise, sales were still 20.4% lower than the previous year.
Though home prices and interest rates are high, there are still possible ways prospective homebuyers can cut costs. Homebuyers may also want to consider buying points on their mortgage, which will let them lock in a lower interest rate.
As homebuying incentives start to come back, such as with closing costs, be sure to ask if there are opportunities to reduce the overall price of the home at this time. Prospective buyers who have lower incomes should explore their city or county websites for homeowner or down-payment assistance programs.
One of the ways to be in the best financial position to purchase a home is to save! You should attempt to save and put away extras monies each month so taking on the cost of a new home won’t surprise you. Constantly look to improve your credit score, which will place you in the best possible position to get a good mortgage rate. Watch your spending habits and review your credit report to correct in inaccuracies.
Current home sales are still down in March and compared to March of 2022. Inventory is 41% lower than pre-pandemic levels and single family housing permits are down 31% while builder's continue to remain cautious do the interest rates.
What will our spring market bring upon us?