The refrain is starting to awfully sound familiar: Connecticut housing market continues to show recovery.
All the signs are there, according to a report this afternoon from Prudential Connecticut Realty on third quarter.
Single-family houses under contract rose 32 percent compared with a year ago. The inventory of houses on the market fell to a six month supply in the quarter, favoring neither buyer nor seller.
Median house sale prices still slid, down 2.2 percent, to $250,000, compared with the third quarter in 2011. But that decline, Prudential said, was less than the 4.7 percent, year-over-year drop in the second quarter.
But there’s still a wild card out there, Prudential said.
“What remains to be seen is how Connecticut residents will fair in the job market and the effects this will have on housing as we finish out 2012,” the report said.
Read the full Prudential report here with breakdowns by houses and condominiums as well as by county and town.
My colleague Mara Lee today blogged about the state’s September job report on her new blog, “Climbing Back:”
The report says the news was worse in August than we thought. Last month, the Bureau of Labor Statistics estimated that the state ended the month with 6,800 fewer jobs than at the beginning of the month. Now it estimates there was a net loss of 7,500 jobs.
Still, there is a spot of hope in the report. Next year, there will be a full accounting of job growth for 2012, as the government gets access to complete payroll data, as opposed to basing its estimates on a survey.
Read Mara’s full blog report here.
Job growth is a key ingredient to a full recovery of the state — and indeed, the nation’s — housing market. Asking prices have fallen and mortgage rates remain low, but alone they haven’t been enough to lift housing into a full-fledged recovery.
Mortgage lenders remain wary in the uncertain recovery, keeping a tight rein on underwriting.
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