Report: Home Sales In Hartford Area Sputter In June

by Categorized: Residential Real Estate Reports, Uncategorized Date:

Sales of single-family houses in the Hartford area sputtered in June, but sales are still up 10 percent through the first half of the year, a new report this afternoon shows.

Closed sales rose to 4,302 for the first six months of 2013, compared with 3,910 for the same period a year earlier, according to the Greater Hartford Hartford Association of Realtors, which tracks a 57-town area.

Through June, the median sale price — where half the sales are above, half below — rose less than one percent, to $217,000 from $216,000.

Sales rose less than one percent in June and the median price was up 1.3 percent, both compared with the same month a year ago.

The inventory of homes for sale continued to shrink in June, in the face of a 15-percent increase in new listings. Based on sales and inventory in June, there is roughly seven-month supply of properties for sale, close to the six months of supply that is considered to favor neither buyer nor seller.

While shrinking inventory is a good sign in a recovering market, real estate agents are concerned that is not enough turnover and new properties coming on the market to keep buyer interest high. New construction, while picking up, is still at relatively low levels.

While multiple bids have been more widely reported this spring for homes in attractive towns and locations, some properties are still sitting for months and taking price reductions.

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