NEW HAVEN, Conn. (WTNH) – The housing market is cooling across the country with northern California leading the way.
For the most part, the cooldown is a byproduct of mortgage rates nearly doubling in the first half of the year.
For much of the pandemic, record-low mortgage rates and remote work fueled a steady stream of New Yorkers looking to buy in Connecticut, especially on the shoreline.
A relator told News 8, that there are few properties to look at in the state.
“With low inventory prices go up. And we’re still seeing multiple offers. If a property is hanging around for a week or two, it’s either priced way above market value, way, way above market value, or there’s something wrong with the house,” said Jessica Kimball of William Raveis Real Estate.
She said they are continuing to see people come from New York, New Jersey, Rhode Island, or even California buyers.
“We’re seeing lots and lots of cash buyers that don’t need a mortgage, so they’re not looking at the interest rates. Or they don’t care, or they’re getting a variable rate that is low, knowing that they’re only here until their kids graduate high school,” said Kimball.
According to a redfin analysis, the 10 metros cooling the lowest are almost all located in the northeast or the Midwest.