Home sales prices increased more than 8% in August, continuing an upward trend even as inflation cools, according to data from the Greater Hartford Association of Realtors.
The median sales price of single-family homes in Greater Hartford increased 8.4%, from $362,000 to $392,500, compared to August 2022.Â
Prices climbed at a faster rate in August than in July, which had a year-over-year increase of 3.7%.
Meanwhile, inventory remained tight in August, with a decrease of 31.6%, from 1,069 to 731 homes on the market, during the year-over-year timeframe.
The number of closings in August dropped 17.3%, from 652 to 539, the data shows. Pending sales also decreased 17.3%, from 623 to 515.
Once homes hit the market, they sold after an average of 18 days – a 10% drop from August 2022’s average of 20 days.
Price increases for condominiums in Greater Hartford were even steeper. The median sales price of condos increased 19.6%, from $222,500 to $266,000, over August 2022.Â
Closed sales remained unchanged at 148 and pending sales increased 7.1%, from 155 to 166. Inventory dropped 29.9%, from 214 to 150, and average days on market decreased 52.4%. from 21 days to 10. New listings decreased 3.6%, from 166 to 160.
Holly Callanan, CEO of the Greater Hartford Association of Realtors, said home sales have continued to slow throughout the summer.
Nationally, Lawrence Yun, chief economist for the National Association of Realtors, said two factors are driving current sales activity – inventory availability and mortgage rates.
“Unfortunately, both have been unfavorable to buyers,” Yun said.
