House Price Gains A Hopeful Sign in Greater Hartford

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House prices in Greater Hartford gained a bit of upward momentum for the second consecutive month in November, sending a hopeful sign about the area’s housing recovery.

The median sale price for single-family house rose nearly 4 percent, to $215,000 in November from $207,000 a year ago, on another month of strong sales, according to the Greater Hartford Association of Realtors.

Prices have risen in four of 11 months this year — May, August, October and now, November — with November registered the second largest increase — 3.9 percent — behind 4.5 percent in May.

The median sale price in the 57-town area tracked by the association is down 1.6 percent through the first eleven months of 2012, compared with the same period last year.

Single-family house sales soared 30 percent in November, to 793, from 609 a year earlier. Sales, on a year-over-year basis, have risen every month so far this year.

“Another rise in closed sales shows that the market continues to recover,” Jeff Arakelian, the association’s president and chief executive, said.

It appears sales may make a strong finish through the end of the year and early into 2013. Pending sales — homes under contract that may close in the next 60-90 days — jumped by 43 percent to 626, from 438 a year ago.

An increase in residential property sales typically precedes a sustained rise in prices in a market recovering from a housing recession.

The inventory of houses for sale fell nearly 8 percent in November compared to a year ago. Based on sales in November, there is a nearly 10-month supply of properties on the market, still well into a buyer’s market.

A six-month supply is said to favor neither buyer nor seller.

The association bases its report on data gathered from the Multiple Listing Service.

 

 

 

 

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