The median sales price of single-family homes in Greater Hartford increased by 9.1% in November, officials from the Greater Hartford Association of Realtors said, from $275,000 to $300,000, as inventory continues to be an issue.
According to information from the Greater Hartford Association of Realtors, single family home inventory decreased 32.3%, from 1,485 to 1,005, when compared to last November. Closed sales decreased 1.7%, from 645 to 634, and pending sales decreased 5.3%, from 661 to 626.
Compared to last November, the number of days a home remained on market decreased 22.9%, from 35 to 27 days, and new listings decreased 3.6%, from 523 to 504.
“Our fall housing market is settling down a bit when compared to the very active summer market,” GHAR CEO Holly Callanan said in a statement. “Even with low inventory, there are buyers looking to take advantage of low interest rates.”
In year-to-date statistics from the association, new listings decreased 4.4% compared to last year, from 8,313 to 7,950.
“Home sales remain resilient, despite low inventory and increasing affordability challenges,” NAR Chief Economist Lawrence Yun said.
“Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”
Single-family home inventory was an issue for homebuyers in 2020 and those shortages carried over into 2021 and now tentatively into next year.
