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Housing Market Update
November 2016
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Quarterly Housing Market Update
Increased employment and home prices signal economic growth.
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One indicator of New Hampshire's housing market recovery is rising prices in key areas of the state, specifically in Hillsborough and Rockingham counties. On a statewide basis, the inventory of
homes for sale has decreased and the pace of home sales has increased. Those New Hampshire households that are willing and qualified to take advantage of continued low interest rates may have an opportunity to get into homeownership. However, borrowers must still have an adequate
down payment and excellent credit to qualify for a mortgage under the tighter credit requirements in place since the Great Recession. Furthermore, the inventory of homes selling for under $300 thousand is very limited in those key areas of the state and there is little new construction.
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Improvement in home sale prices
August 2016 home sale prices are up 8% from August 2015.
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Based on MLS sales data in New Hampshire, the August 2016 median price of $249,900 is up less than 2% from the median price in the prior month, but represents an increase of over 8% from August 2015. The trend has been upward, with an increase of more than 23% since August of 2011.
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Our labor force keeps growing
New Hampshire's labor force is as large as it has ever been.
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New Hampshire's labor force is as large as it has ever been, at about 754,000, and total employment at 733,000 is now above the past peak reached in 2008. New Hampshire's labor force participation rate, which reached a peak in early 2000, declined steadily until the spring of this year. The decade plus decline in the labor force participation rate can be attributed to both the depth of the Great
Recession and the beginning of the baby-boom generation's exit from the workforce. A rebound, while early to predict, will signal a growing participation by the millennial generation.
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Lowest unemployment in United States
New Hampshire tied with South Dakota for lowest US unemployment.
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New Hampshire's seasonally adjusted September 2016 unemployment rate of 2.9% is the lowest rate in New England and is tied with South Dakota for the lowest state rate in the nation. Based on this measure, New Hampshire has returned to its pre-recession level of unemployment.
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Improvement in foreclosure numbers
Sharp decline in foreclosure activity for first nine months of 2016.
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Foreclosure auction notices have now declined to an average of under 200 per month. Comparing the cumulative foreclosure auction notices for all of 2015 with 2014 shows a 23% decline in activity. There were 150 foreclosure notices issued in September of 2016, a 32% decrease over the prior month. The 1,700 foreclosure notices issued in the first nine months of 2016 is 19% lower than the number of foreclosure notices issued during the same time frame in 2015.
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| New Hampshire Housing Finance Authority 32 Constitution Drive, Bedford, NH, 03110 (603) 472-8623 www.nhhfa.org |
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