October 6, 2023

The National Association of Realtors (NAR) reports historically low listing inventory, with a consistent decline since the 2008 financial crisis. However, Manhattan deviates from this trend, showing recovery in inventory levels since 2013. Nationally, listings have decreased from 3.5 million in 2008 to 1 million in 2023. New Canaan mirrors the national trend, with a decline in active listings since 2018. Previously, inventory levels remained around 150 homes, but 2023 data shows only 60 to 90 houses. Macroeconomic factors, such as interest rate changes and government stimulus, contribute to this inventory shortage. Sales volumes have decreased nationally, with significant declines in the Northeast and West. In New Canaan, sales reached $66 million in August. The Federal Reserve maintains steady rates, but projections suggest higher rates for a prolonged period. Rental properties in New Canaan remain seasonal, with fluctuations in rental prices. The market is adjusting to higher interest rates, and well-staged homes continue to attract buyers.