2011 housing market showed little recovery
Another year, another weak housing market.
Eastern Connecticut's housing industry continued to limp along in 2011 despite mortgage rates at record low levels. But if experts are correct, this coming year could bring some brighter prospects.
Connecticut's permits for new-home construction, considered a barometer of future activity, fell 19 percent through November. And median housing prices for both New London and Windham counties declined during this year's third quarter. Median housing prices in New London County fell 2.7 percent during the July-through-September period and dropped 11.6 percent in Windham County.
Nonetheless, Lawrence Yun, chief economist for the National Association of Realtors, says emerging national data is showing more consumers taking advantage of this decidedly buyers-oriented market.
"Sales (have) reached the highest mark in 10 months," Yun says, predicting that a "genuine sustained sales recovery appears to be developing."
- Anthony Cronin
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