Greater Hartford home sales continued to plummet in June, although median sale prices are still rising as economic uncertainty caused by COVID-19 has resulted in fewer listings and a more competitive bidding environment, Realtors say.
There were 602 single-family home sales in the Hartford area last month, down 168 sales, or about 21.8%, compared to June 2019, according to data released Thursday by the Greater Hartford Association of Realtors (GHAR).
Median prices for single-family homes, meanwhile, rose in June to an average of $275,000, or more than 2.8% from $267,450 a year earlier, GHAR said. New listings fell 5.6% (from 1,011 to 954) and pending sales climbed 2.1% (from 707 to 722). By comparison, median home prices in the U.S. increased 6.6% in the second quarter to $256,740, according to national Realtor agency Red Bell Real Estate LLC.
For the year, sales in Greater Hartford have dipped by 5.4% (from 3,093 to 2,926); median prices jumped 5.3%; and new listings decreased nearly 18%.
As reported Monday, Realtors in the Hartford area say homeowners are benefiting from bidding wars being driven by record low mortgage rates (in the low 3% range), pent-up demand as Connecticut eases coronavirus-related restrictions, and a weak supply of new listings.
GHAR CEO Holly Callanan on Thursday said the coronavirus pandemic has taken a major bite out of total May and June home sales, but is optimistic about future sales activity.
“The rise in pending sales could indicate a strong late summer market,” Callanan said. “Sellers should take advantage of low inventory, while buyers will enjoy record low interest rates.”
Nationally, Lawrence Yun, chief economist at the National Association of Realtors, said he expects a jump in sales in the coming months as the economy rebounds, and “could even surpass one-year-ago figures in the second half of the year.”
Greater Hartford’s condo market, however, struggled last month.
GHAR says area condo sales nosedived nearly 31% in June, from 191 to 132, and median prices decreased 10.6% to an average of $162,650.
