NH Market Trends report

Southern NH Real Estate is on fire…

This is an interesting article published by the New Hampshire Association of REALTORS that was written by Peter Francese. It talks about the aging of New Hampshire and the impact that has on home sales. It also covers April’s NH Market Trend Report. I’m a little bit late on reprinting it for you but trust me when I say the Southern NH real estate market has been very buys! It’s like someone just lit a fire under the real estate market.

Yeah baby …we’re getting older

Our state’s residents are changing, and it may impact home sales
—By Peter Francese
Well, we finally did it. According to the latest Census Bureau estimates, New Hampshire is now tied with Florida for the distinction of being the fourth oldest state in the nation.  Our median age went over 40 years old for the first time ever.

Here’s the 2008 top four lineup: Maine at 42.0, Vermont at 41.2, West Virginia at 40.6 followed by New Hampshire and Florida at 40.2 years old.  New Hampshire’s median age has risen three years since 2000, which is twice the nationwide increase of 1.5 years.

Chart I below shows why this is happening.  From 2000 to 2008, New Hampshire’s total population increased 6 percent, but in the same period the segment 55 to 64 jumped 50 percent, while the number of school-age children ages 5 to 17 declined by 7 percent.

The chart below also shows that an age turnaround may be underway.  The 13 percent rise in the 18 to 29 age group means that, if these young adults stay in New Hampshire, the number of families with children is likely to increase in the future and the state’s median age may stabilize or conceivably fall to a somewhat younger age.

Source: US Census Bureau

These changes may mean an increase in demand for second homes and retirement homes for older residents and starter homes for the youngest families.  But it may mean less demand for trading-up homes because there will be a smaller number of families with older children who sometimes purchase larger or more suitable homes.

Over the next five to 10 years, we could see some Baby Boomer empty-nesters desiring to sell their big homes and buy smaller homes as they approach retirement.  But there’s growing evidence that Baby Boomers will delay retirement, so they may want to keep that larger home and use the extra space for a home office or two.  In any case, overall population growth is most likely to be slower than in past decades.

Survey results and April sales data

Results from the NHAR monthly survey that many of you so kindly fill out show that 42 percent of recent homebuyers were young families and 44 percent of homebuyers were first time homebuyers.  The survey results also show that 30 percent of buyers came from out of state, with a solid majority of those coming from Massachusetts.

The survey also shows that while three-quarters of buyers were purchasing a primary home, about one in four of them were buying a second home or purchasing it for investment purposes.

It’s understandable that investors would be making an appearance considering that the median sales price in April was below $200,000 in eight of 10 NH counties.  But it is also noteworthy that between March and April of this year, the number of homes sold increased in eight counties as well.

Compared to April of 2008, however, residential unit sales are off 11 percent statewide, and median sale price is down 15 percent. (Please see tables below for county detail.)

On a year-to-date basis, homes sold are down just 7 percent compared to last year, but median selling price was 16 percent below the first four months of 2008.

There is substantial variation by county, however.  Compared to 2008 residential unit sales have increased in Belknap, Grafton, Merrimack and Sullivan counties despite declining sales elsewhere.  But the sales in Grafton and Belknap counties came at a sharp discount compared to most other New Hampshire counties.

Table 1:  Residential (non-condo) unit sales for April 2009

Table II: Cumulative residential (non-condo) unit sales January-April 2009

County	Units sold April ‘09	% change 2008-09	Median price April ‘09	% change 2008-09
Belknap	42	8%	$183,500	-27%
Carroll	44	-8%	$177,000	-3%
Cheshire	45	-18%	$167,000	-7%
Coos	20	-38%	$37,450	-54%
Grafton	46	10%	$139,000	-26%
Hillsborough	192	-21%	$221,875	-13%
Merrimack	76	9%	$199,500	-16%
Rockingham	180	-6%	$265,250	-13%
Strafford	60	-24%	$180,500	-17%
Sullivan	34	21%	$126,000	-22%
Statewide	739	-11%	$204,900	-15%

Table II:  Cumulative residential (non-condo) unit sales January-April 2009

County	Units sold Jan-April ‘09	% change 2008-09	Median price Jan-April ‘09	% change 2008-09
Belknap	145	-3%	$167,507	-22%
Carroll	159	-4%	$173,500	-10%
Cheshire	134	-7%	$165,200	-8%
Coos	81	7%	$59,000	-45%
Grafton	147	-7%	$140,000	-30%
Hillsborough	655	-7%	$220,000	-12%
Merrimack	240	-6%	$190,850	-14%
Rockingham	546	-10%	$250,000	-13%
Strafford	211	-10%	$180,000	-17%
Sullivan	96	-2%	$133,250	-17%
Statewide	2,414	-7%	$197,500	-16%

Source: Northern New England Real Estate Network

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NH Market Trend report ~ Spring is here, so are the buyers

Spring is definitely here and from my real estate perspective so are buyers!

February and March brought us an increase in activity.  While winter was most definitely cold and dark in my Southern NH real estate world, the heat has been turned on and the sun is shining. Many buyers who have been on the fence have suddenly jumped off and started to do more than simply look at real estate, they’ve started to buy real estate.

Reprinted below is the New Hampshire Association of REALTORS market trend report for Jan and Feb 2009.

Spring is coming, with more buyers
-By Peter Francese

Before we can look forward we have to look back, even if we would rather not.  During the first two months of this year, fewer than 1,000 residential units were sold and year-to-date sales volume ($214 million, not including condominiums) was half of what it was three years ago.  Condominium sales volume ($39 million) was 70 percent lower than in 2006.
Whatever the weather, this could turn out to be the coldest winter on record for New Hampshire Realtors.  We can only imagine how bad it must be in other states where the economy is in so much worse shape than it is here in the Granite State.
Our state has by far the lowest unemployment rate in New England (See Chart I) and one of the 10 lowest rates in the nation.  Our state also has the fourth highest index of economic activity, according to the Federal Reserve (See Chart II).  The problem, in terms of consumer confidence, is that these indicators of the substantially better economic conditions here in New Hampshire are unknown, except for a few savvy real estate investors.
Tables I and II below show the county level details of home sales from NNEREN for the first two months of this year.  But the last column on Chart I also shows a very important indicator: the ratio of median home value to median household income.
Historically that number, which is one measure of general housing affordability, has usually been at 4.0 or below.  When it rises above 4.0, too many buyers are not able to purchase a home.  When it returns to 4.0 or below, it signals a time when many more potential buyers will think that a home they would like to buy is within their reach.

Source: Bureau of Labor Statistics

Source: Federal Reserve Bank of Philadelphia
Potential buyers, however, must also have some level of confidence that better economic times are in the near future.  And lenders need to feel more confident, too.  So far, that confidence has not shown itself.  But early believers in its imminent return will be able to buy one, or maybe even two, very reasonably priced homes.
What is important to keep in mind, however, is that the median sales price figures in tables I and II below are very heavily influenced by foreclosed and short sales.  While it is true that home foreclosures are less than one percent of all owned homes in New Hampshire, they can be, and often are, a much larger fraction of all sales in a county, particularly when there are so few transactions.  This distorts the perception of home values.
When the number of foreclosures starts to decline, which it must do fairly soon, then home prices will at least stabilize and lenders will feel more comfortable writing mortgages.  But in the meantime, it would be helpful if we could separate out foreclosure sales from all others.
We can only do that from data collected on the New Hampshire Realtor survey, which you can fill out for each transaction.  So please go to the survey site by clicking here and answer a few quick questions to tell us about your recent sales.  We will report the results next month.

Table I:  Residential (non-condo) unit sales for Feb. 2009 and income/price ratio

County	Units sold	% change	Median price	% change	Income to
	Feb. ‘09	2008-09	Feb. 2009	2008-09	price ratio
Belknap	35	17%	$145,000	-21%	4.1
Carroll	44	26%	$157,450	-20%	4
Cheshire	27	-7%	$159,000	6%	3.3
Coos	14	-26%	$58,500	-53%	2.4
Grafton	23	-48%	$137,000	-31%	3.8
Hillsborough	146	11%	$199,500	-24%	3.7
Merrimack	49	-22%	$187,000	-15%	3.8
Rockingham	103	-31%	$241,000	-15%	3.9
Strafford	45	-20%	$185,000	-13%	3.9
Sullivan	19	-24%	$133,500	-26%	3.6
Statewide	505	-14%	$184,900	-20%	3.8

Table II:  Residential (non-condo) unit sales for first two months of 2009

County	Units sold	% change	Median price	% change2
	YTD ‘09	2008-09	YTD 2009	2008-09
Belknap	59	0%	$160,000	-27%
Carroll	75	7%	$155, 000	-22%
Cheshire	50	-9%	$167,650	12%
Coos	36	20%	$58,000	-54%
Grafton	57	-25%	$140,000	-29%
Hillsborough	274	-1%	$215,000	-16%
Merrimack	88	-36%	$197,950	-10%
Rockingham	193	-29%	$240,000	-16%
Strafford	94	1%	$178,750	-17%
Sullivan	35	-30%	$145,000	-8%
Statewide	961	-14%	$190,000	-19%

Source: NNEREN and US Census Bureau household income estimates

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How about a housing stimulus?

December 2008  NH Market Trend Report

With all this talk about government stimulus plans and bail outs I just have to wonder why not a real estate stimulus plan. A housing stimulus… that sounds good to me!

Every one knows that real estate makes the world go around. When people stop buying homes, they stop buying lawn mowers, new carpets and appliances…when that happens the manufacturers cut back and eventually have to lay people off.  It’s a never ending cycle…what real estate does- so does the rest of the world.

It sounds simple I know, but it’s very powerfully true.  So I say if we can’t have a real estate stimulus, I’ll take an attitude stimulus.  I think until we start spreading some good buying news, buyers will just sit on the fence so to speak.  There are so many good buying opportunities in New Hampshire it’s mind boggling.

This months market trends report is reprinted with permission from the New Hampshire Association of REALTORS and is ©Copyrighted  by the New Hampshire Association of REALTORS®, Inc. All Rights Reserved.

How about an attitude stimulus?

-by Peter Francese

It’s awfully hard to sell anything when customers are not in a buying mood. And it’s even harder when virtually every talking head on TV is telling us how awful things will be for the U.S. economy in 2009. Maybe what we need is an attitude stimulus.

We probably have enough monetary stimulus. Between $700 billion for banks and maybe $825 billion for the rest of us, combined with the lowest mortgage interest rates we’ve ever seen, one might think that would be enough to buy an attitude adjustment. We’ll see.

In the meantime, New Hampshire REALTORS can take heart in the durability of the many advantages our state enjoys and know for sure that when the national economy does turn up, New Hampshire will be one of the first out of the tank.

With full knowledge that mere facts rarely change attitudes, here are a few things that set New Hampshire apart:

The December 2008 unemployment rate was 4.3 percent in New Hampshire, compared to 6.7 nationally and 6.2 percent in New England.

The job growth rate from November 2007 to November 2008 was up 0.6 percent in New Hampshire, compared to negative-1.4 percent nationally and negative-0.6 percent in New England.

New Hampshire’s median family income is $74,600, fifth highest in the nation.

Thirty-year mortgage interest rates are drifting below 5 percent and, as Realtor Fred Doleac from Amherst has pointed out, the FHA is offering extraordinarily favorable terms for first-time home buyers with weak credit scores, including a $7,500 tax credit.

None of this may be enough to put potential home buyers in a better mood right away, but as soon as the weather warms up I think more of them will emerge and realize that excellent terms are being offered and that they can now afford a home.

Until then, all we can do is look back at last year’s results with a heavy heart and anticipate that, with some help from our friends in Washington, this year will be an improvement. If so, it’ll be the first up year for home sales in four years. We’re due.

New Hampshire REALTORS sold almost 10,200 residential homes in 2008 and about 2,750 condominiums. Residential sales were down 15 percent, and the median home price of $235,000 was 10 percent below the 2007 median. Condominium sales were 34 percent below 2007, and their median sales price of $180,000 was 5 percent below 2007.

Residential unit sales last year were 37 percent below their peak in 2005, but condo sales were less than half of what they were in 2005. Interviews with several REALTORS suggest that it’s been much harder to sell a condo unit when an identical unit nearby is in foreclosure or when the seller is under water. One reason for these problems: More condos than residential units were purchased within the past five years.

In the table below, note the percent change in unit sales from 2007 to 2008. What we can see is that while sales declined in every county, there was considerable variation between counties. While sales declined the least last year in Cheshire and Coos, median home prices dropped the most in those two counties. Almost half of all sales statewide took place in Hillsborough and Rockingham Counties, where the median values were the highest for the year.

County	2008 units sold	% change 2007-08	2008 median $	% change 2007-08	Dec. ‘08 median $	% change 2007-08
Belknap	597	-18%	$220,000	-8%	$230,000	16%
Carroll	649	-12%	$205,000	-10%	$180,000	-7%
Cheshire	624	-10%	$180,000	-13%	$164,000	-16%
Coos	302	-10%	$100,000	-13%	$85,500	-14%
Grafton	654	-25%	$195,000	-11%	$205,000	-9%
Hillsborough	2,745	-13%	$249,000	-10%	$225,000	-15%
Merrimack	1,069	-22%	$224,900	-10%	$178,100	-17%
Rockingham	2,291	-11%	$285,000	-10%	$259,900	-11%
Strafford	892	-18%	$219,450	-10%	$200,000	-16%
Sullivan	360	-25%	$171,663	-10%	$155,000	-6%
Statewide	10,183	-15%	$235,000	-10%	$212,500	-14%

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Rockingham County Real Estate Trends report

Let’s look back over the past 15 months.

Rockingham County Trends report covering the period of Oct 2007 to Dec 2008. I think it’s interesting to track the real estate market, to see where we’ve been and to try and see where we’re going. This report covers  Rockingham County but I will also  be breaking it down into the individual town levels as well.

*All reports are published Jan. 2009, based on data available at the end of Dec. 2008.
All reports presented are based on data supplied by the Massachussets Real Estate and New Hampshire Real Estate or their MLS. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

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Oh the Real Estate Market has been frightful…

New Hampshire November 2008 Market Trends report.

This months market report by Demographer Peter Francese was just released by the New Hampshire Association of REALTORS and as always Peter Francese calls it the way he sees it. “Say goodbye to a frightful 2008 and hello to a better 2009″… I sure hope he is right because for many 2008 was frightful and it would be nice if 2009 is delightful although I’d settle for better.

The Market Trend report is reprinted with permission from the New Hampshire Association of REALTORS and is ©Copyrighted  by the New Hampshire Association of REALTORS®, Inc. All Rights Reserved.

Say goodbye to a frightful 2008 and hello to a better 2009
-by Peter Francese
The mother of all ice storms took out the electricity for well over half of all New Hampshire homes on December 12 and cost a great many homeowners and businesses dearly. The loss of power at home and at work seemed to many as the final insult of what has been a year of losses in jobs, the stock market and housing.

Of all the owner occupied homes in our state, less than 1 percent are in foreclosure.

The uncertainty about the economic outlook combined with the steady stream of bad news at the national level has made it hard to be happy during this holiday season, or optimistic about the future. Yes, from an economic point of view our state has fared much better than most, but it sure doesn’t feel like it.

Before we put 2008 behind us, which is where it belongs, let’s look at what happened in out state so we can think about how best to move on to what we believe will be  a better year in 2009. Projecting forward a month, it looks like New Hampshire Realtors will have sold about 10,000 residences and 2,700 condominiums during 2008. It’s been over 10 years since that few units were sold here. Residential sales for 2008 are projected to be down almost 20 percent from 2007, but condo sales may be 35 percent below their 2007 numbers.
That uniquely large multi-year deterioration in home sales has resulted in a $3 billion loss of annual sales volume since 2005, prompting the question: What is likely to happen next year to turn around this slide in home sales? The short answer is lower interest rates and fewer foreclosures. Long time Seacoast Realtor Betty LaBranche would like to see interest rates go below 4 percent, at least for a few months. More about rates below.
Regarding foreclosures, The New Hampshire Housing Finance Authority’s latest report estimates that by the end of this year nearly 3,600 New Hampshire homes will be foreclosed on, up 72 percent from about 2,100 in 2007. Shocking, huh? Well, that 2008 number is only 1.3 percent (about 1 in every 75) of the approximately 270,000 owned dwelling in New Hampshire with a mortgage. But 30 percent of New Hampshire owned homes (a little over 100,000 homes) have no  mortgage at all. So of all the owner occupied homes in our state, less than 1 percent are in foreclosure.
The problem for New Hampshire Realtors is that 3,600 is 16 percent (or 1 out of every 6) of the approximately 22,000 new listings on NNEREN so far this year. (That pretty much confirms our October survey results showing 18 percent of sales due to a foreclosure. )
Perspective is crucial if we are going to deal constructively with this issue.
Perhaps the best news is the lowering of the Fed funds rate to near zero, which means that we are likely to see loan rates in the 4 to 5 percent range by early spring, or even below 4 percent if Betty LaBranche gets her wish. But that presumes mortgage lenders want to actually provide the funds to would-be home buyers. The intensely risk-averse behavior on the part of lenders (which is somewhat understandable) will have to be replaced with more confidence that the borrower is good for the money.

This is, without doubt, the nastiest recession any of us have ever witnessed. The most precious commodity at such a time is confidence that things will be better in the future. The one thing New Hampshire Realtors can have confidence in is that our state is in the best economic position of any New England state and so is likely to recover sooner. Our employment growth rate (Chart I) is the highest and our unemployment rate (Chart II) is the lowest in the region, plus our index of economic activity (Chart III) is fourth highest in the nation.

However, despite all that, the table below shows pretty clearly that economic decline combined with the  financial meltdown crippled November sales particularly badly in Grafton and Sullivan counties. But in the face of the gloomy economic outlook, prices held up the best in Hillsborough and Strafford counties.
Best holiday wishes to all my readers and here’s hoping for a more uplifting 2009.

November 2008 NH residential (non-condominium) sales

County	Units	% change 2007-08	Median	% change	YTD units	% change 2007-08
	sold		price	2007-08	sold
Belknap	35	-29%	$169,900	-31%	545	-20%
Carroll	41	-25%	$185,000	-25%	598	-14%
Cheshire	29	-38%	$173,700	-12%	589	-10%
Coos	25	-11%	$84,800	-30%	283	-12%
Grafton	34	-46%	$167,500	-24%	617	-25%
Hillsborough	184	-20%	$232,500	-10%	2,571	-13%
Merrimack	77	-21%	$207,300	-20%	988	-23%
Rockingham	164	-17%	$255,850	-15%	2,146	-12%
Strafford	55	-15%	$212,700	-10%	821	-19%
Sullivan	19	-44%	$180,000	-42%	328	-26%
Statewide	663	-23%	$215,000	-17%	9,486	-16%

Source:  Northern New England Real Estate Network (NNEREN).  Statistics are based on information from NNEREN for the respective periods shown for the respective regions in the State of New Hampshire or all towns in the State of New Hampshire. All analysis and commentary related to the statistics is that of the New Hampshire Association of REALTORS® and not that of NNEREN.

The Real Estate Market Trends newsletter is provided for the benefit of the members of the New Hampshire Association of REALTORS®, Inc.  ©Copyright 2007 New Hampshire Association of REALTORS®, Inc. All Rights Reserved. Peter Francese is the Demographic Advisor to the New Hampshire Association of REALTORS®.

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NH Real Estate market trends report…here is what we can do

October 2008 Market Trends Report

I’ve often said that I wish I had a crystal ball but somehow even without one…we knew this…

Peter Francese titled this months real estate market trend report “What do we do now” ….I say for starters please read this article carefully and understand that investing in a home is still much better than investing in stocks and offers a greater return. Peter Francese says it will be some months before we see an improvement and he makes comparisons to Best Buy and Circuit City. He also stresses that a greater web presence will be required to make an impact in this market. Things like multiple virtual tours, video tours and greater details will be needed in your listings. I don’t mind telling you that makes me feel real good.

Jay and I create videos, do multiple virtual tours and individual weblogs for ALL of our listings. We believe in giving our sellers all the tools we can and we know Internet marketing is the way to go. I can’t believe how many homes are listed in the MLS by our so called competition that don’t have a virtual tour or even multiple pictures. Some don’t even have any pictures. If your home is currently on the market do yourself a big favor and check out how your home is presented in the MLS and on the Internet. If your agent does not have a virtual tour up and at least 12 pictures in MLS…it’s time to think about switching agents! You can’t afford not to…

An example of a few of our marketing efforts:

12DixonLane.com , 9CaseyRoad.com and NHWaterfronthomesforsale.com

The market trend report below is reprinted with permission from the New Hampshire Association of REALTORS

What do we do Now?
-by Peter Francese

Since October of 2007, the value of an index fund based on the Dow Jones Industrial Average has fallen 40 percent. But a great many stock funds are down at least 50 percent from a year ago, and hardly anyone is suggesting that this is the bottom.

PLEASE don’t forget to complete our survey regarding home buyers. The link is below, and here.

By comparison from October of 2007 to this past October, the median sale price of a New Hampshire residence (not including condominiums) has fallen just 13 percent. All homeowners can rightly be distressed about the drop in home prices in our state, but over the past year it’s pretty clear which was the better investment.

Considering the sharp drop in retail sales and the general economic situation, it’s likely to be some months before consumer confidence climbs up from its all-time low point. The president of Best Buy recently said, “In my 42 years of retailing, we’ve never seen such difficult times for the consumer. People are making dramatic changes in how much they spend, and we’re not immune from those forces.”
The fact that, despite their problems, Best Buy is so much better off than their chief competitor, Circuit City, which has filed for bankruptcy, offers some insight for REALTORS®. The biggest difference between those firms is that Best Buy invested a great deal more in their website, and they invested more heavily to understand how customers for electronic goods were changing.
There is no doubt that this is an extraordinarily difficult time for New Hampshire REALTORS®. But it is my belief that when the economy recovers, the most successful ones will be those who invested in upgrading their website and increasing their knowledge of today’s home buyers.
Results from the monthly survey which we ask you to complete will provide more information about home buyers (October survey results are described below).
But improving your website really requires some technical assistance. Here are three suggestions for the next time you upgrade your site:
1. Make the print bigger. More of the people visiting your site are older and have trouble reading small print.
2. Use as many virtual tours or video tours of homes as you budget permits. More site visitors will expect to see some type of video presentation rather than just small still photos.
3. Describe in more detail a home’s benefits in terms that matter to prospective buyers. More buyers, for example, want to know if it has broadband access, how close it is to town or if it’s handicap accessible and/or energy efficient.
Almost a thousand homes were sold in our state in October, according to NNEREN, about 1 percent more than in October 2007. But we only have 265 completed surveys, a 27 percent response rate. That’s much better that the 10 percent of the previous month, but still not high enough to say that the sample is representative. The more responses we get, the more useful it will be to you, so please take a moment to go to the website below and take just a few minutes to tell us about the homes you sold in the past month.
Survey site: click here.
Here are some results from the October survey of New Hampshire REALTORS®:
• 70 percent of homes sold were single family dwellings; only 15 percent were condos
• 18 percent of sales were due to foreclosure and 12 percent of sales were new construction
• 26 percent of buyers were from out-of-state, about a third of them from Mass.
• 78 percent of homes were purchased for a primary home, and 10 percent for second home
• 37 percent of buyers were first time home buyers and 12 percent were age 65 or older
• 35 percent of buyers were families with kids, 25 percent of buyers were single people
The table below shows that while unit sales were up in several counties, prices were between 12 percent and 33 percent below last year everywhere except Carroll County. It’s also taking longer (4.6 months) to sell a residential unit and over five months to sell the average condominium.
The median condominium sale price in October was only 25 percent below the median residential unit sale price. That relatively small difference makes it more difficult to sell a condominium (YTD condo sales are 34 percent below same period last year). That suggests condo prices may go lower in future months.

October 2008 NH residential (non-condominium) sales

County	Units Sold	% change 2007-08	Median price	% change 2007-08	YTD units Sold	% change 2007-08
Belknap	62	0%	$176,250	-33%	510	-19%
Carroll	82	34%	$215,000	2%	557	-13%
Cheshire	53	-4%	$166,900	-17%	560	-8%
Coos	38	-3%	$100,000	-17%	259	-12%
Grafton	64	-28%	$185,200	-21%	582	-23%
Hillsborough	254	18%	$245,000	-12%	2,384	-13%
Merrimack	104	-15%	$215,000	-20%	909	-23%
Rockingham	205	3%	$266,000	-15%	1,981	-11%
Strafford	84	1%	$220,450	-14%	766	-19%
Sullivan	43	-10%	$155,000	-12%	309	-25%
Statewide	989	1%	$226,000	-13%	8,817	-16%

Source: Northern New England Real Estate Network (NNEREN). Statistics are based on information from NNEREN for the respective periods shown for the respective regions in the State of New Hampshire or all towns in the State of New Hampshire. All analysis and commentary related to the statistics is that of the New Hampshire Association of REALTORS® and not that of NNEREN.

Finally, here are a couple of economic indicators just published by the Boston Federal Reserve Bank. The New Hampshire unemployment rate last September was just 4.1 percent. That’s by far the lowest in this region and well below the New England-wide rate of 5.7 percent and the national rate of 6.1 percent.
Our state’s September index of economic activity was 198.7, which is again the highest in this region and 20 percent above the national index of 159.3. Since September of last year, New Hampshire’s index has risen by 2.9 points compared to a one point rise for the nation. By contrast, Rhode Island’s September index of economic activity was just 156.6, and that was nearly six points below September of last year.

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