CT Residential Market On the Rise
The residential real estate market both nationally and in Connecticut hit a historic trough in April due to the economic shutdown associated with the coronavirus pandemic.
The residential real estate market both nationally and in Connecticut hit a historic trough in April due to the economic shutdown associated with the coronavirus pandemic.
But the lower numbers of pending contracts and closed sales may be a “temporary disruption” to the long-term real-estate market, and trends that the COVID crisis accelerated may portend bright prospects for the residential market in both Fairfield and New Haven counties.
So said Lawrence Yun, chief economist for the National Association of Realtors. He spoke to a Thursday morning Zoom conference of the New Haven Middlesex Realtors Association.
Nationally, pending home sales decreased in April, making two straight months of declines, according to the National Association of Realtors. The group’s Pending Home Sales Index (PHSI www.nar.realtor/pending-home-sales), a forward-looking indicator of home sales based on contract signings, fell 21.8% in April. Year-over-year, contract signings shrank 33.8%.
