Home sales in Rockingham & Strafford County fell significantly in September falling 30% from the yearly high set in August of 857 down to 598 which is the lowest sales total since April’s 507. September sales were off 14.5% from 2017 and came in as the worst September since we began tracking in 2012. With the year to date sales pace in 2018 essentially even with 2017 (currently coming in only 0.17% higher) we are more firm in our belief that 2017 was the peak year for sales in this market cycle. Rising interest rates are going to continue to put a downward pressure on overall home sales.
Average home sales price for Rockingham & Strafford County fell slightly in September coming in at $365,361 which was a small 2.2% drop from the month prior but still a healthy 7.7% higher than September of 2017. Inventory ticked slightly up by 2% this month while the rolling 12 month sold fell from August which caused the current month’s supply of inventory to increase from 2.87 months to 3 months. With the combination of increased supply and rising interest rates deterring buyers from purchasing or being able to afford to purchase it appears that the market has begun to correct itself from the historically low levels of inventory that we have seen recently.