Home prices notch record high while supply remains low | What’s Working

A median-priced home on the Seacoast hit a record $615,000 last month, helping to fuel a statewide price milestone as well.

“It already has created an affordability issue,” said John Rice, chief statistician for the Seacoast Board of Realtors, which represents 13 cities and towns, including Portsmouth and oceanfront communities.

“The median price of a single-family home in Portsmouth is probably roughly $300,000 more than Dover and Rochester,” said Rice, an associate broker at Tate & Foss Sotheby’s International Realty in Rye.

“Every night, you see a sea of traffic going from Portsmouth to Dover and Rochester,” Rice said of workers commuting home.

Statewide, a tight inventory of homes for sale helped boost prices to a record $350,500 for a median priced home last month — 14.9% higher than a year earlier.

“It’s a great time to be selling and a lousy time to be buying,” said Russ Thibeault, a

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