Sales of single-family houses in Greater Hartford slowed in March from the strong pace at the end of 2012, but pending sales rose by more than 20 percent compared with a year ago, a new report this afternoon shows.
The increase in pending sales could be a sign that the area’s housing market may still be gaining momentum despite a disappointing report in March.
“Connecticut was one of the last states to experience the downturn in the housing market, so naturally we are a bit late to rebound,” Jeff Arakelian, the association’s president and CEO, said.
Closed sales of single-family houses were nearly flat in March, rising less than one percent to 645 from 643 for the same month a year ago, according to the monthly report from the Greater Hartford Association of Realtors.
The median sale price fell for the second month in a row on a year-0ver basis, sliding 2.7 percent in March, to $198,500 from $204,000 a year earlier, the association’s report, which covers a 57-town area, shows.
Sales have risen on a year-over-year basis since March of 2012, but the increase in March of this year was one of the most anemic. The median sale price — the point at which half the sales are above, half below — rose on a year-over-year basis in four months in 2012 and in January of this year.
Based on the inventory and the number of closed sales, the Hartford area has a nine-month supply of houses, firmly in a buyer’s market. A market with a six-month supply is said to favor neither buyer nor seller.
A housing recovery typically begins with an upswing in sales, followed by price increases.