Home sales in Greater Hartford rose at a double-digit pace in June, a new report today shows, an encouraging sign after the spring home buying season got off to a disappointingly slow start.
Sales of single-family houses in June rose 11 percent, to 1,071 from 968 for the same month a year ago, according to the Greater Hartford Association of Realtors.
The median sale price — where half the sales are above, half below — slid a little over 1 percent, to $234,000, from $236,700 a year earlier, the association reported for the 57-towns it covers, roughly from Enfield south to Middletown.
“The month of June was a rebound for closed sales,” Jeff Arakelian, the association’s president, said, “It appears the market is correcting after a slow spring.”
Statistics for the first six months of the year show just how slow the market has been this year. Through June, sales of single-family houses increased less than 1 percent compared with the same period in 2013.
Sales closed in June reflect homes that would have gone under deposit in the previous 60-to-90 days. Real estate agents say July will provide more insight into the spring market, usually the busiest of the year and a barometer for annual home sales.
And, agents say, fall could provide a bump, though it is not traditionally as busy as the spring.
Home sales in Greater Hartford posted double-digit, year-over-year gains in 2012 and 2013, and last year prices stabilized. The trends were an encouraging sign that the area was beginning to hit a stride recovering from the housing downtown.
Pending sales in June rose nearly 4 percent, to 1,120, from 1,080 for the same month a year ago. Those figures show sales could remain in positive territory for the next few months, though not all homes under contract reach closings.
The association’s report indicated that more property owners had confidence their homes would sell. New listings in June rose by nearly 20 percent, to 2,084, from 1,737 a year ago.
Inventory — the total number of homes on the market — jumped by 17 percent, to 7,787 from 6,655 a year ago.
Based on sales in June and the number of homes for sale, the area has a seven-month supply of homes — just barely a buyer’s market, favoring purchasers over sellers. A six-month supply is said to favor neither buyer nor seller.
Sales of condominiums also were strong in June, rising nearly 23 percent, to 275, from 224 a year earlier. The median sale price inched up less than a percent, to $155,000, from $154,000 for the same month in 2013.