Hartford County was one of two counties in Connecticut that saw a gain in May in the median sale price for single-family houses, according to a new report today, following the findings another report earlier this month that also reported a price rise in the Hartford area.
The report provided encouraging news for Hartford County and one other county, New London, that saw median sale price gains in May — and could be forming the long sought-after stabilizing of prices, after more than a year of declines.
In Hartford County, the median sale price of a single-family house rose in May, increasing 2.4 percent to $213,500 from $208,450 for the same month a year ago, according to The Warren Group, which tracks residential real estate sales throughout New England. Sales in Hartford County rose 31 percent in May, compared with a year earlier.
The median sale price — where half the sales are above, half below — is a well-watched indicator of housing market health. In a housing recovery, price increases tend to follow stronger sales.
Earlier this month, the median sale price for the 57-town region tracked by the Greater Hartford Association of Realtors rose 4.6 percent in May compared with the same month a year earlier.
New London County also saw its median sale price rise, soaring 20 percent, to $245,500 from $204,250 a year ago. Sales rose 22.5 percent.
Statewide, sales of single-family houses in May rose for a fifth straight month in Connecticut, and the slide in sale prices was among the lowest declines in the past year.
The median sale price slipped 1.2 percent in May, to $247,000 from $250,000 for the same month a year ago,
Across Connecticut, the median sale price began declining a little over a year ago. In May, sales of single-family houses rose nearly 15 percent, to 2,257 from 1,971 for the same month a year ago, Warren reported.
“The spring market has been especially strong in Connecticut,” Timothy J. Warren, The Warren Group’s chief executive, said. “We’re expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market.”
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