A strong start to the year for home sales in Greater Hartford moderated in February as prices fell and purchases slowed to a single-digit gain, according to a new report today.
The median sale price of a single-family house slid by nearly 6 percent in February, to $190,000 from $202,000 a year earlier, the report from the Greater Hartford Association of Realtors shows.
The median price decline follows a gain of 2.5 percent in January and increases in May, August, October and November of 2012, said the association, which tracks a 57-town area.
Closed sales rose 6.2 percent in February, to 447 from 421 a year earlier.
Single-family house sales rose on a year-over-year basis for ten straight months in 2012. In January, sales soared 40 percent.
In a typical housing recovery, sales rise first, followed by prices.
Pending sales were also down in February, by 8.3 percent, giving a relatively weak lead in to the spring home buying market, traditionally the busiest of the year.
The inventory of single-family houses for sale fell by 14 percent, to 5,175 compared with a year ago. Based on the sales in February, the area has an 11-month supply of homes, still solidly a buyer’s market.
A market with a six-month supply of houses for sale is considered to favor neither buyer nor seller.