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December 28, 2022

Housing prices continue to rise, but November sales drop

Contributed | pixabay.com/photos/house-home-sold-brick-for-sale-435618/ A house for sale.

The price of houses sold in Greater Hartford continued to rise in November despite efforts by the Federal Reserve to curb inflation by increasing interest rates.

Between November 2021 and November 2022, the median sales price of a single-family house increased 8.3%, from $300,000 to $325,000, according to the Greater Hartford Association of Realtors.

However, the number of sales decreased. Compared to November of last year, closed sales decreased 34.6%, from 635 to 415, and pending sales dropped 33.6%, from 593 to 394, the organization said.

“Rising interest rates and rising prices are obstacles to our housing market,” said Holly Callanan, CEO of the Greater Hartford Association of Realtors. “We likely won’t see a change until inventory opens up and rates drop.”

The inventory of houses on the market decreased 24.2%, from 1094 to 829, and new listings fell 28.8%, from 507 to 361, during the same year-over-year period. 
Meanwhile, the average number of days on the market was unchanged at 27.

Nationally, potential homebuyers have been “squeezed out from qualifying for a mortgage” as mortgage rates climbed,” according to Lawrence Yun, chief economist for the National Association of Realtors. 

 “The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years,” Yun said.

In November, the Greater Hartford Association of Realtors said the inventory of single-family houses dropped 27.3% between October 2021 and October 2022, a sign that the housing market was starting to cool.

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