Henri Gourd 914-954-3897 henrigourd@bhhsne.com Still a Seller's Market February is historically a slow time in the residential real estate market and especially so this year. The number of single family home sales in New London County was down over 10% from the preceding February and the number of new homes coming to market was down over 20%. The demand meanwhile, continues to consume the inventory with the average home selling in just 34 days (compared to 42 days) driving the average sales price up by almost 25% from 2023. While 30-year fixed rate mortgages are holding around 7.0%, if the tariffs are enacted, many economists believe the effect will be inflationary increasing the cost of borrowing. Higher rates will also increase the cost to build a new home further restricting the number of new buyers who can join the ranks of homeowners. People need shelter and if they are closed out of the purchase market, you can expect rents to increase. Now is the time to meet with your local lender to see what you can afford and work with your Realtor to realize your goals. BH BERKSHIRE HATHAWAY HomeServices New England Properties Selling it all, from cottages to castles! Henri Gourd 914-954-3897 henrigourd@bhhsne.com Still a Seller's Market February is historically a slow time in the residential real estate market and especially so this year . The number of single family home sales in New London County was down over 10 % from the preceding February and the number of new homes coming to market was down over 20 % . The demand meanwhile , continues to consume the inventory with the average home selling in just 34 days ( compared to 42 days ) driving the average sales price up by almost 25 % from 2023 . While 30 - year fixed rate mortgages are holding around 7.0 % , if the tariffs are enacted , many economists believe the effect will be inflationary increasing the cost of borrowing . Higher rates will also increase the cost to build a new home further restricting the number of new buyers who can join the ranks of homeowners . People need shelter and if they are closed out of the purchase market , you can expect rents to increase . Now is the time to meet with your local lender to see what you can afford and work with your Realtor to realize your goals . BH BERKSHIRE HATHAWAY HomeServices New England Properties Selling it all , from cottages to castles !