The Housing Boom Is No More

It's official: The housing boom is dead. It certainly has cooled here in New Hampshire.

Figures released by the Office of Federal Housing Enterprise Oversight, based on data from Fannie Mae and Freddie Mac on repeat sales and refinancings of single-family homes, provided the latest indication that the housing market is cooling substantially.

In New Hampshire, home prices rose just 0.04 percent from the first to the second quarter of the year. Prices fell 0.50 percent for the same period in the Manchester-Nashua metropolitan statistical area, while prices rose 0.74 percent for the Rockingham County-Strafford County MSA division.

Nationally, average home prices rose 1.17 percent in the April-June period, compared with 3.65 percent in the second quarter of 2005 - the biggest decline in price growth since OFHEO started keeping track of home prices in 1975, the new report showed.

Anecdotal evidence has shown me that while more homes appear to be on the market, they aren't moving very quickly. More price reductions are showing up in real estate flyers and publications as owners try to sell off their homes.

The house next to us has been on the market for almost a year. It's assessed at $252K, but listed for $319K. Maybe that's why it's still on the market.

Another house just up the street from us is on the market for the same price we paid for The Manse. It is similar to the Manse in floor space and lot size, but there's been no interest in the place at all. A year ago it would have been gone in less than a month.

I guess that's an indicator that the market has cooled.

No comments:

Post a Comment

Comments are welcome. However personal attacks, legally actionable accusations,or threats made to post authors or those commenting upon posts will get those committing such acts banned from commenting.