The supply of single-family homes on the market continued to dwindle in July, as sales prices climbed, despite high interest rates.
The inventory of single-family homes in Greater Hartford dropped 35% since July 2022, from 1,157 to 752, according to data from the Greater Hartford Association of Realtors.
Meanwhile, the median sales price increased 3.7%, from $361,750 to $375,000, compared to last July. New listings decreased 25.1%, from 686 to 514.
“There just aren’t enough homes for sale in our housing market and that’s creating higher prices,” said Holly Callanan, CEO of the Greater Hartford Association of Realtors. “Until we see more inventory, sales will likely remain low.”
During the same year-over-year period, closed sales for single-family homes fell 29.6%, from 638 to 449, and pending sales decreased 17.1%, from 572 to 474, according to the data.
The average number of days on the market until sale remained unchanged at 16 days during the same timeframe.
The market for condominiums in Greater Hartford followed a similar trajectory, with inventory dropping 22.8%, from 219 to 169, as the median sales price increased 32.7%, from $210,000 to $278,750.
Condominium closed sales decreased 39.1%, from 161 to 98, and pending sales decreased 18.7%, from 155 to 126.
The average days on market for condos decreased 5.3%, from 19 days to 18. New condo listings decreased 6.5%, from 169 to 158.
