The S&P/Case Shiller composite index of 20 metropolitan areas rose slightly less than forecast (0.6% vs. 0.8%). Basically that means single family home prices rose, but at a less feverish pace than expected.
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This isn’t news to any following the housing market; it’s exactly what we’ve seen in our own backyards.
Find out what's happening in West Hartfordwith free, real-time updates from Patch.
Many in the industry expected to see a sharp increase in mortgage rates after Labor Day. We have seen an increase, today’s rate is hovering around 4.1 vs. the 3.2 we saw this past May. However, this isn’t as drastic as many had predicted.
So what can you expect if you have your home on the market? There are still buyers out there, although not at the level we saw in the spring. Some of this is economy, and some is simply time of year. The same rules apply – if your home is well priced and in good condition, it will sell.
Slow and steady will win the race, and as in all markets, slow is relative.
