The median sales price of single-family homes in Greater Hartford continued to rise in August, with a 10.6% increase from last year ($330,000 to $365,000), according to the Greater Hartford Association of Realtors.
The hike reflects strong demand in the housing market as the Federal Reserve meets to determine how much it will raise interest rates to cool inflationary pressures.
“The lack of inventory continues to strain sales in our market,” said Greater Hartford Association of Realtors CEO Holly Callanan. “Sales prices continue to rise so there is still buyer interest, despite fewer options.”
Nationally, inventory remains tight and prices are continuing to rise with nearly 40% of homes garnering the full list price, according Lawrence Yun, chief economist at the National Association of Realtors.
“We’re witnessing a housing recession in terms of declining home sales and home building,” Yun said. “However, it’s not a recession in home prices.”
During the same year-over-year period for August, Greater Hartford saw sale closings decrease 12.1% (from 729 to 641) and pending sales decreased 5.4% (from 698 to 660), the Greater Hartford Association of Realtors said. Inventory dropped 25.2% (from 1,348 to 1,008).
Meanwhile, new listings fell 15.7% (from 757 to 638) and the average number of days on market decreased 13% (from 23 to 20), during this same timeframe.
In year-to-date statistics, the median sales price increased 6.9% (from $312,500 to $334,000) but new listings decreased 13.2% (from 6,026 to 5,233), as fewer people put their homes on the market.
Pending sales decreased 12.7% (from 5,049 to 4,408) and closed sales decreased 13.7% (from 4,813 to 4,155). The average days spent on the market decreased 29% (from 31 to 22 days), during this same timeframe.
The condominium market in Greater Hartford showed an increase in median sales price of 14.1% (from $197,250 to $225,000) over August of last year. Closed sales decreased 27.5% (from 200 to 145) and pending sales increased 0.6% (from 160 to 161). Inventory dropped 43.6% (from 346 to 195), when compared to the same month last year. The average days on the market until sale decreased 25% (from 28 to 21) and new listings decreased 17.4% (from 201 to 166).
