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CT housing markets cooling slower than rest of nation, data shows

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Albany was ranked as the slowest cooling market in the country, with Bridgeport in 3rd and New Haven in 9th. Redfin looked at prices, supplies, pending sales, sales-to-list ratios, and year-to-year changes in homes that were off-market in the two weeks from February to May.

Meanwhile, cities on the west coast are chilling much faster, according to Redfin. Five of the ten fastest cooling markets are in California. There are also quite a few southern markets.

Queen Street in Bridget Port in March 2021.

Patrick Sikes / Hearst Connecticut Media, Connecticut Magazine

Most of the slowest cooling markets are in the north.

“Last month, the housing market changed dramatically because higher interest rates make housing even more expensive than it used to be. At the same time, the stock market is volatile and we can afford to buy expensive homes. Fewer people will be, “said Joanna Rose, Redfin’s agent. “In early spring, all homes were sold above the asking price in multiple bids. Since then, the number of people participating in open houses has dropped from 20 to two, and now some homes. Has been on the market for over a month and is sold at the asking price. Supply is starting to build up. “

During the COVID-19 pandemic, interest rates were low and the availability of remote work opened up new housing opportunities.It created a scorching hot housing market that saw inventory drop to some of the lowest levels in available homes Jump out of the market at a price far above the asking price..

But it’s changing.

Soaring home prices and mortgages, as well as the volatile stock market, have driven many out of the home buying market. During the pandemic, states like Connecticut saw a spill of unbound employees swarming in warmer climates.

These West Coast and Southern cities are where prices have skyrocketed. According to Redfin data, it’s not affordable, so it’s cooled.
However, there is not much room for air conditioning in markets that are not as hot as some markets that have had a pandemic boom, such as New Haven and Bridgeport.

Downtown New Haven in Green New Haven, Connecticut.

Downtown New Haven in Green New Haven, Connecticut.

Contributed Photos / Patrick Sikes / For Hearst Connecticut Media

The median selling price of New Haven is $ 310,000, a 31.7% decrease in inventory from last year. The median home price at Bridgeport is $ 570,000, a 35.4% reduction in inventory.Connecticut market Not heated up, but not so good for buyers..

“But good news for some buyers. Those who can buy now can get something $ 100,000 or $ 200,000 cheaper than they were a few months ago. This is primarily housing. Is often not sold above the selling price, “Rose said. “The rise in mortgage rates means higher monthly payments for now, but if interest rates fall, you can refinance later.”

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