Single-family home sales in Greater Hartford rose 10.5% in June, as buyers continued to compete for limited inventory and prices pushed higher, according to new data from the Greater Hartford Association of Realtors. There were 559 closed sales of single-family homes in June, up from 506 a year earlier, GHAR reported. Pending sales — an […]
Single-family home sales in Greater Hartford rose 10.5% in June, as buyers continued to compete for limited inventory and prices pushed higher, according to new data from the Greater Hartford Association of Realtors.
There were 559 closed sales of single-family homes in June, up from 506 a year earlier, GHAR reported. Pending sales — an indicator of future closings — climbed 15.7%, from 521 to 603.
The median single-family sale price rose 9.5% year-over-year, from $440,000 to $482,000.
New listings increased 9.5%, from 630 to 690, but overall inventory slipped 1.2%, from 768 to 759 homes on the market. Homes also sold faster, with average days on market falling from 15 to 13, a 13.3% decline.
“The rise in closed and pending sales is a welcome sign,” GHAR said in its release.
Despite June’s gains, year-to-date closed sales are down 4.9%, from 2,107 to 2,004, while pending sales through the first half of the year were essentially flat at 2,323. The year-to-date median sale price is up 5.2%, from $408,694 to $430,000.
The region’s condominium market posted even stronger gains. Closed condo sales surged 39.3% in June, from 117 to 163, while the median condo price jumped 16.3%, from $301,000 to $350,000. Condo inventory fell 13.8%, from 224 to 193 units.
Nationally, Lawrence Yun, chief economist for the National Association of Realtors, said monthly swings in home sales activity reflect buyers’ sensitivity to mortgage rates and affordability, but noted that job gains — more than half a million since the start of the year — “will continue to provide support for the housing market.”
