House Sales Keep Picking Up In Greater Hartford, But Prices Yet To ...

Homes sales in Greater Hartford marched higher for the eighth straight month in September, but sale prices did not follow suit.

A new report today from the Greater Hartford Association of Realtors showed the median sale price of single-family houses fell nearly 8 percent in September, compared with a year earlier, to $210,000, from $228,000. In August, the median sale price, on a year-over-year basis, in the association?s 57-town market rose 2.4 percent.

Closed sales rose 11 percent in September, to 711, from 641 a year ago.

Sales typically pick-up momentum before prices in a housing recovery. Despite the consistent gains in sales this year, no clear trend has emerged when it comes to prices.

?Sales should begin to move upward before our housing recovery is fully underway,? Jeff Arakelian, the association?s president and chief executive, said.

There were other positive signs in September, however. Houses under contract rose 26 percent, indicating sales are likely to remain on the upswing through the end of the year.

And the number of houses on the market dropped a little over seven percent to 6,365, from 6,861, the association said. Based on the number of sales in September, there is about a nine-month supply of houses for sale.

A six-month supply is said to favor neither buyer nor seller. The supply, as of September, still indicates a firm buyer?s market in the area.

Through the first nine months of the year, house sales are up about 18 percent, while the median sales price is down 2.2 percent, both compared with the same period in 2011, the association said.

Sales of condominiums in September were weak, down 21 percent, from the sale month a year ago, the association said. The median sale price was $154,500, down 8 percent, from $168,000 a year ago.

The picture was a bit brighter for condos when looking at the first nine months of the year. Closed sales were up 12 percent, though the median sale price fell nearly 11 percent, both compared with the same period in 2011.

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Source: http://courantblogs.com/ct-real-estate/house-sales-keep-picking-up-in-greater-hartford-but-prices-yet-to-follow/

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