After two months of year-over-year declines, prices paid for single-family houses in Greater Hartford rose modestly in April, a new report today shows.
The median sale price increased nearly three percent to $214,900 from $209,000 a year earlier, according to the report from the Greater Hartford Association of Realtors, which tracks a 57-town area based on data from the Multiple Listing Service.
Sales did not match the double-digit gains of last year, but rose more than 5 percent, to 695, from 659 for the same month in 2012, the association said.
“This gradual improvement means that our market is more sustainable,” Jeff Arakelian, the association’s president and chief executive, said.
The inventory of houses for sale continues to fall, down nearly 7 percent in April from a year earlier. But the slowdown in sales from the duble-digit pace of last year still leaves the area in a buyer’s market. Based on closed sales in April, there is still a nine-month supply of houses for sale. A market is considered to favor neither buyer or seller with a six-month supply.
Realtors say they are still not seeing a healthy flow of new properties coming on the market. Many sellers, they say, are still reluctant to list. They are concerned about the economic recovery, the stability of their jobs and whether sale prices are truly on the upswing.
So when an attractive property comes on the market, there can be multiple bids — even when other properties have been sitting on the market and seeing price reductions.
Monthly sales in Greater Hartford saw double digit, year-over-year gains in much of last year, but that has moderated in 2013. A housing recovery typically starts with rising sales followed by sustained increases in prices.