CT Housing Market: October 2022
It's been a wild ride for CT sellers for the last few years! While it's still a sellers market, change is on the way!
Connecticut home sale prices are heading down.
While the current median sale price of $338,000 is still a record high for September, the market is slowing.
Sales prices are down for the second month in a row in 2022. This does signify the return the return a normal yearly trend that was disrupted during the pandemic. Prices always head down towards winter, but the extent to which they will fall is still uncertain.
The time it takes for homes to sell in CT is also up.
While days on market is still averaging just 20 days, it is up for the third month in a row.
Once again, this stands in line with pre-pandemic yearly trend, but how much further will it climb?
What's ahead for CT?
Rising interest rates and low affordability are quickly pushing down buyer demand.
“Interest rate and affordability challenges have fundamentally changed the mortgage origination market for the remainder of 2022 – and the foreseeable future,” said Scott Happ, president of Optimal Blue, a division of Black Knight. “Interest rates are now at their highest level in 15 years, while affordability is at 37-year lows. Given these realities, it’s not particularly surprising that rate locks are falling sharply. Keep in mind, however, that all this is coinciding with the already traditionally slower purchasing months.”
The final quarter of 2022 Connecticut Real Estate Sales will be very telling!
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Last Updated on October 24, 2022 by Minna Reid