Market Report

New Haven-Milford, CT

Short-term forecast

Underperform

House price changes in the New Haven-Milford, CT metro market are forecasted to underperform the national market in the short term. Based on the housing market vitality metric, the market ranks 374 among 402 US metro housing markets. Currently, the metro market is underperforming the national market and performance is forecasted to improve slightly.

MARKET RANK
Feb 2020 Feb 2019
374 / 402 381 / 402
SITUATION
Feb 2020 Feb 2019
Underperforming Underperforming
OUTLOOK
Feb 2020 Feb 2019
Neutral Positive

Forecasted Performance

The local housing market vitality is forecasted to improve slightly and performance will be in the bottom quartile of all metro markets. Improvements in job market and new construction conditions lift the forecasted performance and changes in housing availability and national economy conditions moderate the forecast.

Trailing 12-month Performance

Over the last twelve months, local housing market vitality remained unchanged and performance is currently in the bottom decile of all metro markets. Improvements in national economy and job market conditions lifted trailing 12-month performance and changes in local economy and new construction conditions moderated performance.

Industry Specialization

The local economy is specialized in: Manufacturing, Trade Trans Util, and Information. Mining, Construction, and Leisure Hosp industry sectors are less important to the local economy. Industry specialization helps explain the differing impact of industry trends on local economies in contrast to industry composition which describes the structure of the economy. A Specialization Index value greater than 100 corresponds to the sector having a greater share of the local economy than it does of the national economy. Sectors with a Specialization Index greater than 120 characterize the local economy.

Industry Composition

Accounting for 62% of the local business economy, the top three industry sectors are: Trade Trans Util, Manufacturing, and Pro Bus svcs. These industry sectors create the bulk of the jobs and earnings that power the local economy. Longer-term trends that impact these sectors will have an enduring effect on the local economy.

Market Demographics

Compared to the US, New Haven-Milford, CT metro market has a lower incidence of poverty and the local population has more purchasing power. There are more high school graduates and a larger proportion of the population is college educated. Lastly, the local population is less diverse than the overall US population. A Demographics Index value greater than 100 corresponds to the factor being more intense in the local market versus the national average. Characteristics of the local population is a longer-term factor that influences the housing market.