Home sales in Rockingham & Strafford County increased 29% from May to June which is right in line with the May to June jumps we have seen in years prior. While there was a good month over month increase, June’s 646 sales are 16% below the 767 sales in June of 2019 and is the lowest sales total for June that we have seen since 2016. The lower sales total for this month is not unexpected and is the outcome of two main factors – the COVID-19 pandemic which had an effect on activity all the way into late April/Early May which would have been homes that would be closing in June and July. The other main factor is the continued lack of inventory which only seems to be getting worse. Last month we had more units under agreement (1,190) than active listings (1,094) which is an uncommon occurrence and this month that differential increased dramatically. There are now 513 more listings under agreement (1,412) than there are active (899). With total unit under agreement at an all-time high for the year we expect the sales figures in the coming months to continue to rebound, held back only by the lack of available inventory.
Average homes sales price in Rockingham & Strafford surged to an all-time high in June coming in at $431,230 which beat the previous record that had been set in April by more than $15,000. Active inventory continues to tumble, falling 17.9% month over month. When looking at current active inventory versus the same time last year we are down a whopping 38% which is the biggest year over year decline we have seen. Housing demand is still incredibly strong with more units under agreement than there are active. Even with the massive drop in inventory this month the current month’s supply of inventory fell from 1.9 to 1.6 due to the rolling 12 month sold falling to 6,801. As long as inventory continues to remain at these levels we will expect the average sales price to stay in its current range or higher.