* Only Greenwich and Norwalk saw both median price & number of closings increase.
* New Canaan, Rowayton, Weston and Westport declined in closings and median $.
* The most expensive towns (median $):
Greenwich $1,850,000, up from $1,797,500
Darien $1,440,000, up from $1,400,000 (3%)
New Canaan $1,380,000 down from $1.445
Westport $1,247,500 down from $1,340,500
Mortgage Rates Fall for Second Straight Week
30-year mortgage rates averaged 4.53% for the week ending August 16th, down from 4.59% the prior week.
Rates have remained within a narrow range over the past few months, despite rising inflation data.
One year ago rates were averaging 3.89%
What Will Happen In the Next Year?
If interest rates rise by .85 percentage points in the next year (using the average forecasts of Freddie, Fannie and the Mortgage Bankers Association) and housing prices rise only 2.6% then a typical mortgage payment will rise 13.3% from $804 to $910.
What Would Be the Effect on Real Estate Sales?
According to a recent survey by Redfin, 21% of respondents said rates passing 5% would increase the urgency to buy a home, 27% would slow their search to see if rates come back down, and 6% said they would cancel their search altogether because of rising rates. 38% of respondents cited high taxes as their greatest concern. 77% expect home prices in their area to rise in the coming year.