Seacoast home sales cooling off? Here's why numbers fell in October.

PORTSMOUTH — Record inventory shortages of both single-family homes and condominiums helped cool October real estate sales in the 13 Seacoast towns where the Seacoast Board of Realtors compiles data.

With a monthly record low of 88 available units at month’s end, October saw 100 single family sales, off 14.5% from 2020, the slowest month since July. With 69 of those 100 sales less than $700,000, the monthly median price fell to $532,000, the lowest level since May 2020. For the first 10 months of the year, total single-family sales are off 6.2% but the median sale price is still up 8.9% at $610,000.

The Seacoast Board of Realtors monitors sales in Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.

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The inventory situation on the condominium side fell to a paltry record all-time low of 64 available units. There were 62 sales in the month, off 23.4% from last year, leaving sales still up 10.6% for 2021. The October median sale price was $412,000 up 7% from last month and up 14% from last year. The 10-month median sale price was $400,000 up 12.6% from 2020.

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“It might be a bit early to call this a trend,” said Ted Mantos, president of the Seacoast Board of Realtors, “but October was definitely a slow month for single-family sales and sale prices. Inventory remains the market’s biggest challenge.”

This article originally appeared on Portsmouth Herald: NH real estate: Here's why Seacoast home sales cooled off in October