Rockingham County-Strafford County, NH (MSAD) Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Rockingham County-Strafford County, NH Federal Housing Finance Agency (FHFA) house price index (HPI) was 100.8 in the first quarter of 2020, down 0.2% from the fourth quarter of 2019 and down 1.1% from a year earlier. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties.

In the first quarter of 2020, home prices in Rockingham County-Strafford County were down 0.2% from the fourth quarter of 2019 and down 1.1% from a year earlier. This is the third consecutive quarter of year-over-year price declines in the county. Home prices are now down 3.7% from their peak in the second quarter of 2018 and are at their lowest level since the first quarter of 2017.

The decrease in home prices in Rockingham County-Strafford County was driven by a decrease in sales volume as well as a decrease in average sale prices for both new and existing homes. In the first quarter of 2020, there were 790 sales of existing homes, down 9% from 872 sales in the fourth quarter of 2019 and down 14% from 918 sales in the first quarter of 2019. The average sale price for an existing home was $307,000 in the first quarter of 2020, down 2% from $313,000 in the fourth quarter of 2019 and down 4% from $319,000 a year earlier. There were also 120 sales of new homes in Rockingham County-Strafford County during the first three months of 2020, which is unchanged from both the fourth quarter of 2019 and also from a year ago. The average sale price for a new home was $374,000 during this time period, which is up 2% from $366,000 lastquarter but still belowthe$382 000 peak that was setin thenewhome market backin Q3of2018 .

Rising mortgage rates and concerns about job security may be causing potential buyers to hesitate entering into purchase contracts even as seller’s become more willing to negotiate on pricing given current market conditions . According to Zillow’s Real Estate Market Report for April 2020 , “The median list price per square footinRockinghamCounty - StraffordCountyis$161 , up 3 . 6 % overthepastyearbutdown0 . 8 %fromMarch2020toApril2020 . In terms oftotal numberoflistings , thereare currently1 , 191homeson themarket , whichrepresentsa 5 . 7 % increasefromApril2019butalsoa 12 . 3 % increasefromthepreviousmonth ." Given that we are still seeing an increase inthe numberofhomes beinglistedfor sale while at themediandollars per square foot has decreased , this could be anindicatorthat we will continue to see downward pressure onpricinguntil such time as buyers feel more confident about their personal financesand future prospects or an influx offoreigninvestors begins buyingup propertyassetsat bargainpricesas has been seenoccurrin other U . S . markets post - housingcrash