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November 17, 2022

Inventory of single-family homes drops in October as housing market cools

Contributed | pixabay.com/photos/house-home-sold-brick-for-sale-435618/ A house for sale.
By Andrew Larson

The inventory of single-family homes for sale in Greater Hartford dropped 27.3% this October compared with October 2021, from 1,284 to 933, according to the Greater Hartford Association of Realtors, an indication that rising interest rates are starting to cool the housing market.

Nationally, interest rates on 30-year, fixed-rate mortgages eclipsed 6% in September and are approaching 7%, said Lawrence Yun, chief economist at the National Association of Realtors.

In Greater Hartford, closed sales decreased 25%, from 631 to 473, during the year-over-year period, the local organization said. Pending sales decreased 27.2% from 646 to 470.

During the same timeframe, the median sales price of single-family homes in the region increased 8.7% from $300,000 to $336,000.

New listings dropped 20.1%, from 669 to 534, and the average number of days on the market remained unchanged at 28 days, during the same period.
 
Based on year-to-date, year-over-year statistics, the median sales price of single-family homes was 7.3% higher – $332,500, up from $310,000 – during the same period in 2021, according to the organization's data. 

Meanwhile, new listings dropped 15.5%, from 7,456 to 6,298, during the same timeframe.

Pending sales decreased 14.8% from 6,298 to 5,363, and closed sales decreased 14.1%, from 6,111 to 5,247, in year-to-date data. Also, the average days on the market decreased 23.3%, from 30 to 23 days.

The condominium market in Greater Hartford saw an even greater increase in sales price in October, from $184,500 to $240,000 – a 30.1% jump from the same month a year earlier.

Closed sales of condos decreased 33.5%, from 188 to 125, and pending sales decreased 37.7% percent, from 199 to 124, during the same timeframe. 

The inventory of condos for sale dropped 42.8%, from 299 to 171, when compared to the same month last year. The average number of days on the market decreased 38.7%, from 31 to 19, and new listings decreased 23.3%, from 163 to 125, according to the group.

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