To sum up the state of the Connecticut housing market and mortgage trends: the housing market is improving slowly and mortgage rates are all over the place! Here are some realtor.com statistics for single family homes in the greater New Haven area:
Median List Price: $349,000, 0% change year to year, 2.7% increase month to month.
Listings: 15,473, 2.7% increase year to year, 14.1% increase month to month.
Find out what's happening in The Lymesfor free with the latest updates from Patch.
Days on Market: 74, down 5.1% year to year, down 21.3% month to month
Recent trends for 30 year fixed mortgage interest rates are:
Find out what's happening in The Lymesfor free with the latest updates from Patch.
January 2014: @ 4.5%
February 2014: @4.25%
April 2014: @ 4.55%
Now (May 31, 2014): @ 4.15%
So as you can see, interest rates have been very unpredictable. At the moment they are dropping and may well enter the high 3% range this summer.
So what does this all mean? It's still a buyer's market although the big drop in days on market indicates increased demand so that could be changing. Mortgage interest rates are again at historic lows. So here's the bottom line:
If you have been thinking of buying a home, now is the time.
If you missed your chance to refinance, you should consider trying again as interest rates continue to fall.
I am a licensed mortgage loan officer as well as a licensed real estate agent so call, text or email me with your mortgage and real estate questions: Dale Athanas, Loan Officer, NMLS# 1065087, Northeast Financial Mortgage, 860-876-0466, dale@daleathanas.com.
