Home sales in Greater Hartford rose for the seventh straight month in August, and sale prices perked up as well — suggesting that the area’s housing market may be stabilizing.
A new report today showed that the median sale price of single-family houses rose 2.35 percent in August to $235,000, from $229,200 for the same month a year ago, according to the Greater Hartford Association of Realtors.
Closed sales in the 57-town area tracked by the association rose nearly 25 percent in August, compared with a year ago.
The area’s housing market peaked in 2006. A recovery typically is marked by rising sales, followed by sustained price increases.
According to the association’s statistics, sales have gained momentum but the median sale price has shown year-over-over gains and losses this year, with no clear trend yet emerging.
Nevertheless, there were other encouraging signs in August that could bode well for the remainder of the year: the number of houses on the market fell by 6 percent, even with a one percent increase in new listings.
Fewer properties on the market typically increase competition among buyers and push up prices they are willing to pay
Based on the number of closed sales in August and the 6,598 houses for sale at the end of the month, there is a little over a 7-month supply of houses on the market. That’s still a buyer’s market, but barely, given a six-month supply is said to favor neither buyer nor seller.
The association’s report shows that the activity is likely to continue well into the fall: houses under contract in August rose nearly 28 percent, compared with a year ago.
Through the first eight months of this year, closed sales rose 19 percent, compared with the same period a year ago. The median sale fell 1.4 percent, to $221,750, from $225,000 in the same period a year ago.
“The year-to-date numbers show that the Greater Hartford market is rebounding,” said Jeff Arakelian, the association’s president and chief executive, said, noting that buyers are taking advantage of lower asking prices.
According to zillow.com, overall home values in the Hartford metro area have fallen 17.4 percent since the peak.
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