Submitted by [deleted] t3_ytzv8o in Connecticut
Touchyfeelycomponent t1_iwbd5tv wrote
Reply to comment by Frequent_Jelly_4138 in Westbrook house? by [deleted]
I thought this market was going down now due to rates. Not sure where it is.
Frequent_Jelly_4138 t1_iwbiq7v wrote
Noooo rates are going up making construction expensive limiting the supply.
Touchyfeelycomponent t1_iwbrn1h wrote
ugh. but more expensive for buyers of homes as well. complicated stuff.
SouthOrangeJuice t1_iwc7j4h wrote
Values are going down now, from the peak a couple months back, sure. Rates have dipped back below 7%.
Home prices fell in September on a month-to-month basis for the third month in a row, though the decline wasn’t as steep as in July and August. While prices usually drop from summer to fall due to the seasonal slowdown, they fell much more sharply than usual in 2022.
Prices are now down 2.6% since the end of June, which is the first three-month drop since late 2018 and the steepest such drop since the financial crisis of early 2009.
Touchyfeelycomponent t1_iwcgfvm wrote
Interesting. I’m thinking maybe a 5 to 10 per cent drop is possible but I’m buying long term so prob ok. Still if rates go way down prices may reverse.
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