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September 18, 2020

August spike in Greater Hartford home sales stands out nationally

Stuart Miles, FreeDigitalPhotos.net
By Matt Pilon

The Hartford-area housing market saw a more than 15% increase in closed transactions in August, which was the third highest year-over-year growth rate across the country, according to RE/MAX’s latest national housing report.

The report, released Thursday, said home sales across 53 U.S. markets rose 4.3% last month compared to August 2019.

The Hartford market’s 15% increase in sales was bested only by Chicago, at 20.1%, and Boise, Idaho, at 15.7%.

Meanwhile, Hartford also stood out for its constrained inventory of homes for sale -- just shy of one month of inventory, RE/MAX said. Six other markets had the same level of inventory in August, and only Boise and Albuquerque, New Mexico, had less.

The situation has led to bidding wars in the local market.

Across the country, inventory averaged 1.7 months, the lowest in the history of the report, RE/MAX said.

"The demand for houses is easily eclipsing the available inventory in metro areas across the country,” RE/MAX Holdings CEO Adam Contos said in a statement. "Homeowners in a position to sell are seizing the opportunity – and benefiting from the one-two combination of enthusiastic, competitive buyers and significantly quicker turnaround times. In many respects, the current environment presents advantages on both sides of the equation."
 

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