Average home sales price in Rockingham & Strafford County took an expected fall from last month’s all-time record high of $396,546 coming in 4.9% lower at $377,099 for July. The initial surprise was that the average sales price this month compared to the same month the year prior actually declined for the first time since April of 2016, which also happened to be the last month we ever had with the average sales price less than $300,000. That breaks a streak of 38 consecutive months with year over year increases which on the surface looks like it could be market correction but when looking at the data closer, the average sales price in July of 2018 was the second highest we’ve ever had (with the only higher being last month) so the 2.5% decrease in the year over year for July appears to be normal as this month’s $377,099 figure would have beaten any other month last year but this will be something we keep an eye on.
Home sales in Rockingham & Strafford County slowed in July coming in 4.2% lower than June which continued a trend of similar June to July declines of the past two years (2017 & 2018) which is in contrast to the June to July increases we had in years 2013-2016. July’s sales figure of 735 was also 1.7% lower than July of last year keeping the 2019 sales pace 2.6% behind the pace set in 2018. The key driving force behind the slower sales pace seems to continue to be available inventory as the total active inventory in Rockingham & Strafford County sits 14.1% below where it was at this time last year after an increase of only 1.5% over the past month. Total units under agreement also fell from 1,384 last month to 1,304 this month while the current month’s supply of inventory held steady at 2.5.