Closed sales of single-family homes in the 57-town Hartford area rose 1.01 percent in October from the same month last year, a sign of improvement in the housing market.
The increase in closed sales, from 791 to 799, came as pending sales jumped 35.31 percent from 657 to 889, according to data from the Greater Hartford Association of Realtors.
On the negative side, the median sale price slumped 3.48 percent from $230,000 to $222,000 over the 12-month period, and the average days a home spent on the market increased 7.46 percent from 67 to 72 days. However, new listings and inventory decreased by 10.69 percent and 8.86 percent, respectively.
From September to October, the statistics show even more of an improving housing market from a seller’s point of view. Most significantly, new listings fell 14.25 percent from 1,432 to 1,228, and housing inventory dropped 5.62 percent from 5,711 to 5,390 homes. Closed sales increased 7.68 percent from 742 to 799 from September to October, but pending sales dropped 8.91 percent from 976 to 889. The median sale price crept up 0.91 percent from $220,000 to $222,000, while the average number of days a house spent on the market increased by 7.58 percent from last month.
For the current year through October, pending sales of single-family homes increased by 5.02 percent from 8,468 to 8,893.