Homes in the Greater Hartford sold faster than they have in more than three years in August, a new report today shows, a sign that the area’s housing recovery is gathering momentum.
The average days a single-family house in the 57-town area tracked by the Greater Hartford Association of Realtors was on the market was 58 days, down nearly 30 percent from 80 days for the same month a year ago.
According to association statistics, the area has not seen this level of the days on market since June, 2010. Home sales early in 2010 were boosted by a one-time home buyer tax credit.
“It appears that housing inventory is really beginning to move in the Greater Hartford market,” said Jeff Arakelian, the association’s chief executive and president, said. “Because our region was slow to enter the housing slump, it makes sense that our recovery is also moving at a slower pace.”
In August, closed sales rose nearly 13 percent, compared with the same month a year ago. The median sale price rose less than one percent in August, to $235,000, from $234,500 a year ago, the association reported.
The inventory of single-family houses on the market, rose slightly, by 2 percent, to 6,718 properties. Based on sales in August, the area has little over six months supply of houses on the market. The market is said to be in equilibrium at six months supply, favoring neither buyer nor seller.