The number of closed home sales continued to drop in March, along with the inventory of single-family homes, according to new data from the Greater Hartford Association of Realtors (GHAR).
Greater Hartford had 304 closed sales in March, a 27% decrease from 416 in March 2022, the group said. Inventory in the region dropped even more, with 559 single-family homes on the market in March, compared to 782 in the same month a year prior.
The median sales price increased 5.9% from $306,800 to $325,000, according to the trade organization.
New listings decreased 33%, from 643 to 430, over the same period. But the average number of days on the market increased by just one day, from 32 to 33.
The data reflects a slowdown of the housing market as rising interest rates make it more expensive to borrow money.
“The spring market is off to a slow start, likely due to the lack of inventory,” said GHAR CEO Holly Callanan. “Homebuyers could also be on the fence in case mortgage rates decline.”
The trend also affected the condominium market, with 115 closed sales in March, a 21% decline from March 2022, according to GHAR.
Asking prices are rising at the lowest rate since May 2020, according to a report from Realtor.com. Home prices are likely to rise through the summer, but the jumps will be smaller than in 2022, Realtor.com said.
