The median sales price of single-family homes in the Greater Hartford region rose by nearly 22% in June, compared to the same month during pandemic-pocked 2020.
The Greater Hartford Association of Realtors (GHAR) reported June’s median sales price for single-family homes was $335,000 compared to $275,000 in June of 2020. The 817 closed sales in June represent a 34% surge from June, 2020, when there were 608 closed sales, according to GHAR.
Rising sales prices in June appear to follow an upward trend. GHAR previously reported the median sales price for single-family homes in May was up 16% from the previous May, and April’s median price was up nearly 18% compared with April, 2020.
“Our hot housing market doesn’t seem to be slowing any time soon,” GHAR CEO Holly Callanan said.
Pending sales also saw a significant increase in June 2021, with 845, a 22% increase over the number of pending sales in June 2020.
Condo sales in Greater Hartford in November climbed 63% to 220, and their median prices increased just under 21% to $196,250.
Nationally, home sales fell slightly in May, but are now approaching pre-pandemic levels, said Lawrence Yun, chief economist for the National Association of Realtors. One issue Yun pointed to, however, is some prospective buyers being frozen out of the market, due to limited housing stock.
“Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market,” Yun said.
