Connecticut Real Estate Market Weekly Insights (11-25-24)

In this episode, we dive into the latest trends and news shaping
the Connecticut real estate market:
Connecticut Real Estate Market Update (October 2023 -
October 2024):


Home Value Growth: Single-family homes saw a
9.2% increase in value.


Inventory Decline: Homes for sale dropped
2.1%, leading to tighter market conditions.


Sales Trends: Pending home sales fell by
2.5%, while closed sales decreased by
4.5%.


Speed of Sale: Median days on market dropped
to 11 days, down 26.7% from
last year.


Market Supply: With just 2.2 months of
inventory, sellers retain leverage in most
transactions.


Competitive Pricing: Homes are selling at
103% of their asking price, up
0.4%.


Buyer Interest: The average number of showings
per contract is 18.6, highlighting competitive
demand.

General Real Estate News:

Mortgage Rates:


30-year fixed: 7.04%

15-year fixed: 6.41%

FHA & VA loans: 6.45%



Labor Market Insights (September 2024):


Unemployment fell to 3.2%, a 23-year low.

Private-sector jobs rose 0.6% annually, with
average hourly earnings up 6.1% to
$38.21.



Builder Confidence: Builder sentiment climbed
for a third consecutive month, supported by regulatory optimism
following election results. Challenges like labor shortages and
material costs remain significant.


Shifting Buyer Power: Rising mortgage rates and
seasonal trends have eased competition, signaling a potential
shift toward a more buyer-friendly market.
Key National Trends:


Housing Preferences: Traditional agents remain
the preferred choice for sellers, with 67%
citing better sale prices and ease of use.


Inventory Recovery: The U.S. housing market
inventory gap continues to narrow, with active listings
improving but still 21% below pre-pandemic
levels.


Affordability Struggles: Nearly 74% of
Americans earning