Greater Hartford home sales sunk by nearly 17 percent in November, but the average sale price still rose 5 percent in the month, Realtors say.
Single-family home sales in the Hartford area last month totaled 446, down 16.8 percent from 536 sold in Nov. 2018, the Greater Hartford Association of Realtors (GHAR) said Wednesday.
Median price for homes sold in November was up to $247,000 vs. $235,000 a year earlier, GHAR said.
For the year, year-over-year home sales have increased by less than a percent to 6,049, and the median sale price increased at the same pace to $247,000.
Condo sales, meantime, climbed 3.8 percent to 138 units from 133 a year ago. Their median price also jumped 9 percent to $162,500.
Year-to-date, condo sales and prices have increased 1.1 percent and 2.4 percent, respectively.
“As single family home sales have slowed, the condo market has strengthened over the last year,” GHAR CEO Holly Callanan said.
Nationally, Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors, expects home sales to continue increasing in the months ahead.
“Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” Yun said. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
