Home sales in greater Hartford declined sharply in April compared with a year earlier, but showed a slight increase from the previous month.
There were 629 closed home sales in the region for April, according to data from the Greater Hartford Association of Realtors, down 22.2 percent from 808 for the same month in 2007.
However, the April figure was up 5.7 percent from March, giving local realtors some reason to be optimistic.
GHAR president and CEO Jeffrey Arakelian said the monthly increase was a sign that the region is inching towards a stabilized housing market.
The first four months of the year have been unkind. Closed sales were down 27 percent from a year earlier, and the average sale price has fallen 3.6 percent to $283,523. Houses were staying on the market an average of seven days longer.
Inventory Rises
But the comparisons of April to March are much more favorable. Sale prices crept up 3.7 percent, and houses were on the market for one day less on average.
However, housing inventory rose 8.6 percent between March in April, when there were 6,029 homes on the market.
“Growing inventory coupled with the increase in closed sales strongly suggests a positive, strengthening market,” Arakelian said.
Home sales are expected to remain slow for the first half of the year before improving in the latter half, according to the latest forecast from National Association of Realtors chief economist Lawrence Yun.
