This is the time of the year the housing market usually heats up.
But there are signs nationally it’s been sputtering, according to a recent report from Redfin.
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After a challenging search, Judi Orlando and Greg Taylor recently bought a home in Farmington.
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SIGN UP “I like trees. Bathrooms are beautiful. It's just very nice. We’re very lucky,” Orlando said.
They had spent months looking for the perfect house, in the perfect spot, in the perfect neighborhood.
“It became very obvious that there was a lot of competition for this place because it kind of really stood out at its price range,” Taylor said.
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That’s when they leaned on the advice of Redfin principal agent Anthony Cervoni.
“There's about six to 10 offers on every home depending on what city or town that they're in. So buyers are competing against each other for these homes because there's not that many out there,” Cervoni said.
Let’s break down some median sale prices in recent weeks from Redfin.
The Harford area was up nearly 10% from last year, New Haven was just behind at more than 8% and Bridgeport around 6%.
Redfin found a much different story nationally where it says the spring homebuying season has sputtered as supply jumps to a five-year-high.
And home prices across the country grew at the slowest pace in nearly two years, at about 1.4%.
For those looking in a hotter market – like here in Connecticut - there’s this advice:
“I don't want to discourage any buyers because you can work with your realtor and you can frame your offer to be very competitive,” Cervoni said.
Redfin thinks nationally, buyers are a little leery with concerns about tariffs, the economy and buying costs including around 7% mortgage rates.
