The median price of single-family houses in Greater Hartford fell slightly in June after a rise in May that raised hopes for a trend, but the number of sales continued to rise, according to figures released today by the Greater Hartford Association of Realtors.
The median sale price dropped by 2.4 percent compared with June 2011, to $234,250, the association said. The year-over-year increase in May was the first since January, 2011 as the market seeks a bottom amid record-low interest rates.
The number of closed sales was up by 7.8 percent to 954, and pending sales rose by 17 percent, the association reported.
The Greater Hartford market also tightened with the number of single-family houses on the market in June representing a 7-month supply, based on sales that month. That is improved from the 8-month supply in June, 2011.
A market that has a 6-month supply is considered to favor neither buyer nor seller.
“The decrease in housing inventory doesn’t appear to be slowing sales,” said Jeff Arakelian, the association’s president and CEO.
In a housing recovery, sales typically rise first, diminish the inventory and eventually, push up prices.
Through the first six months of 2012 in the 57-town area covered by the association, the number of closed sales is up 15 percent to 3,893, and the median price of single-family houses that sold was down 3.1 percent to $216,000.
Separately, RE/MAX of New England today reported that combined sales of the single-family houses and condominiums across Connecticut were flat in June, compared with a year ago. The median sale price fell 4.4 percent, to $301,250, from $315,000 a year ago.
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