It appears that a two-month lull in Greater Hartford single-family home sales did not indicate the finale of a boom that kicked off last summer amid the COVID-19 pandemic.
In May, single-family home sales volume in the region increased 9.1% to 610 closed sales, up from 559 in May 2020, the Greater Hartford Association of Realtors said Wednesday.
Meanwhile, the median sale price for the month was $307,000, up just over 16% from $264,419 a year prior.
The increase in sales volume follows a much slighter increase in April, and flat activity in March.
Year to date, Greater Hartford home sales volume is up 5.1%, while the median sale price is up 17.3%.
Listed homes are spending 38 days on the market so far this year, down from 65 days over the same five months of 2020.
Low inventory continues to be a challenge for house hunters, GHAR said.
However, Lawrence Yun, chief economist for the National Association of Realtors, predicts more U.S. homeowners will list their properties later this year, due to rising comfort levels with showing their homes to potential buyers, as well as a falling number of homeowners in mortgage forbearance.Â
