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October 18, 2022

Realtors: Greater Hartford single-family home sales down 9.1% in Sept.

Contributed | A house for sale.

Closed sales of single-family homes in the Greater Hartford area fell 9.1% between last September and this September, as Realtors continue to point toward low inventory and increasing prices as a reason for the decline.

The Greater Hartford Association of Realtors released a year-to-year comparison for September this week showing that the number of single-family home sales in central Connecticut fell from 667 to 606. Pending sales also declined by 9%, from 603 to 549.

Greater Hartford Association of Realtors CEO Holly Callanan said that low inventory remains a challenge in the current market. New listings decreased 29.7%, and inventory plummeted 34.1%, from 1,389 houses to 915 houses, over the same span of time.

Meanwhile, median sales prices climbed 13.3%, from $300,000 to $340,000.

Callanan said there is typically a slowdown of home sales during the fall.

The outlook on condominium sales in the region paints a slightly different picture. Closed sales increased 1.2%, but pending sales declined by 15.6%. Median sales price grew 17.9%, from $195,000 to $230,000.

Condominium inventory saw a sharp drop of 51.8% year-over-year, from 365 to 176.

“The softness in home sales reflects this year's escalating mortgage rates,” said Lawrence Yun, chief economist with the National Association of Realtors. 

“Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago,” he said. 

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