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BUSINESS.
I'M FRED KOCHER.
HOUSES.
HAVE YOU EVER THOUGHT WHAT YOUR
SEASON?
LOOK AT PRICES.
I HIGH IN THE STATE OF NEW
HAMPSHIRE, IN ROCKINGHAM COUNTY,
JUST UNDER $300,000.
IN COOS COUNTY, LOWEST 108,000.
WHAT A DIVERGENT IN PRICES.
WITH ME TO TALK ABOUT THIS AND
MORE PRICES UP BY REGION IN JUST
A MINUTE IS RUSSELL THIBEAULT,
PRESIDENT OF APPLIED ECONOMIC
RESEARCH AND STAFF ECONOMIST
HERE AT NEW HAMPSHIRE'S
BUSINESS.
>> GOOD TO BE HERE.
>> NICE TO HAVE YOU.
THE VARIATION IN PRICE ACROSS
THE STATE IS REALLY SIGNIFICANT.
JUST LOOKING AT THOSE TWO, BUT
WE'VE GOT MORE IN A MINUTE WE
ARE GOING TO SHOW.
>> SURE, FRED.
WE HAVE LOW INTEREST RATES WHICH
ARE GOOD FOR HOUSING AND A
ROBUST HOUSING RECOVERY ALMOST
ACROSS THE STATE.
WHAT'S DIFFERENT FROM AREA TO
AREA IN THE STATE IS THE AMOUNT
OF JOB GROWTH.
WHERE THE JOB GROWTH IS GOOD IN
THE SEACOAST AND SOUTHERN NEW
VERY, VERY WELL.
>> LET'S PUT UP THE NEXT GRAPHIC
AND HERE ARE PRICES AROUND THE
STATE.
IN THE SOUTHERN AREA OF NEW
HAMPSHIRE, THE SEACOAST, THE
265,000.
IN CENTRAL NEW HAMPSHIRE REGION
THE MEDIAN PRICE IS 205,000, IN
THE NORTH COUNTRY, THE MEDIAN
PRICE FOR A HOUSE IS 170,000 IN
THE ENCURRENT MARKET.
THAT'S A WIDE DIVERGENCE.
THE FARTHER NORTH YOU GO, THE
CHEAPER THE HOUSE.
>> IF YOU'RE A SELLER, THE
WERE.
WHAT'S GOING ON.
THE INVENTORY IN SOUTHERN NEW
HAMPSHIRE IS THIN.
THERE'S NOT ENOUGH HOUSING TO
SUPPLY ALL THE DEMAND RIGHT NOW.
WE'RE LOOKING AT A SIX MONTH
SUPPLY OF HOUSING AND THAT'S A
TIGHT HOUSING MARKET.
>> IT'S A SELLER'S MARKET.
>> IT IS A SELLER'S MARKET.
AND GRADUALLY WE'VE COME TO HAVE
A PRETTY ROBUST HOUSING MARKET
HAMPSHIRE.
>> YOU TOLD ME BEFORE WE STARTED
5% A YEAR.
>> THAT'S RIGHT.
WE HAD A BIG DIP IN PRICES OF
20%.
IF YOU APPLY THAT AGAINST THE
MEDIAN HOME PRICE IN 2007, THE
AVERAGE HOME $50,000 IN VALUE.
RIGHT NOW, WE'RE VERY CLOSE TO
BEING BACK TO WHERE WE WERE.
WE'VE HAD A GRADUAL RECOVERY AND
>> WAGES ARE FLAT.
>> THEY'RE GOING UP A LITTLE
BIT, BUT NOT A LOT.
THAT'S GOING TO MAKE A
DIFFERENCE IN HOUSING SALES, I
WOULD THINK, ONCE THEY GO UP.
>> RIGHT, WHAT'S HELPING, WHAT'S
OFF SETTING KIND OF FLAT WAGES
OR GRADUALLY RISING WAGES IS
VERY LOW.
>> IN A SENSE, IT'S A GOOD TIME
HOUSE.
>> I JUST SOLD MY HOUSE ON THE
SEACOAST AND I SOLD IT FOR MY
PRICE AND A LITTLE BIT MORE
BECAUSE OF DEMAND IS
>> EXACTLY RIGHT.
IT'S NOT COMPLETELY UNHEARD OF
FOR HOUSES TO SELL FOR MORE THAN
THE ASKING PRICE, FOR PEOPLE TO
OUTBID EACH OTHER.
THAT'S BEEN HAPPENING IN THE
BOSTON MARKET, WHICH HAS BEEN
RED-HOT FOR A WHILE AND CREEPING
NORTH TO NEW HAMPSHIRE NOW.
>> SO SOME HOUSES ARE SELLING
ABOVE THE PRICE?
>> SOME ARE SELLING ABOVE ASKING
PRICE, YOU GET A BIDDING WAR
GOING ON.
>> THAT'S SIGNIFICANT.
>> THANK YOU, FRED.