Housing Market Update

A total of 120 single family homes sold in August year to date which is running .8% behind last year's year-to-date sales of 121 according to statistics from the CTMLS.In addition, the average selling price for a single family home in North Haven was $308,325 in August a 19.7% increase from the $257,658 average selling price recorded in August of last year.The number of homes listed for sale in North Haven grew.  A total of 148 single family homes were listed for sale as of August compared to 133 in the last month and 129 during the same time last year.There are currently 24 single family homes under contract in North Haven.The mortgage market has really affected the real estate market with its stringent guidelines.  There are a lot of buyers out there that would have qualified for a mortgage in the past however can't with the new guidelines.  The most common mortgage right now is an FHA loan because of the more lenient guidelines on credit scores and debt ratio.  What is really appealing about this loan is the lower interest rate and the low down payment of only 3.5%.For a complete report on local real estate activity, click herewww.connecticutcoldwellbanker.comTo learn more about local market conditions, please contact a Coldwell Banker Residential Brokerage real estate professional in the North Haven Office at 203-239-2553