Realtors association: Third-quarter sales reflect increased confidence
Third-quarter data released by the Eastern Connecticut Association of Realtors last week shows that single-family home sales in New London and Windham counties are up over last year, which CEO Susy Hurlbert takes as a sign of increased buyer confidence.
"There is no real fear of a recession over the next 12 months at least, so I think there's confidence in the housing market because of that," she said.
Compared to the third quarter of 2017, the number of single-family homes sold increased by 2.13 percent, while the median sale price went up by 4.65 percent. The ECAR report uses data from SmartMLS.
The average time a single-family home spent on the market decreased from 59 to 56 days.
She said there is still a housing inventory shortage in the region, and that buyers are a little more motivated because interest rates are rising.
Commercial sales saw a 34.48 percent increase in number of units sold and 23.58 percent increase in median sale price in the third quarter. The number and cost of mobile and multifamily sales also rose.
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