Home sales in Greater Hartford made little gains in 2019
Sales of single-family houses in the Greater Hartford area recorded a lackluster 2019, barely gaining any ground over the previous year, a new report showed.
The median sale price of a single-family house — where half the sales are above, half below — rose just 0.6%, to $245,500, from $244,000 in 2018, according to the monthly report from the Greater Hartford Association of Realtors.
Sales rose 0.9% in 2019, compared with the previous year, the association reported. The association, an industry group, tracks sale activity in 27 towns and cities stretching from Suffield to Rocky Hill and Canton to Willington.
Fewer homeowners put their houses up for sale in 2019, as new listings fell nearly 3% compared with the previous year.
The housing market has struggled to regain overall upward momentum since the recession of more than a decade ago, amid slow job growth in Greater Hartford and the state as a whole.
Buyers deciding to make a home purchase have benefited from low borrowing costs. Mortgage giant Freddie Mac reported a 30-year, fixed-rate home loan averaged 3.65% last week, up from 3.64% the prior week. A year ago, 30-year, fixed-rate mortgages — popular with homebuyers — was 4.45%.
The smaller condominium market showed marginally more strength. The median sale price increased 3% to $164,850, from $160,000 in 2018, on a nearly 3% increase in year-over-year sales.
Shifts in the median sale price do not mean all home prices — or values, for that matter — are moving in the same direction. However, the median is a well-watched indicator of overall market trends.
The median also can be affected by the mix of homes on the market at a particular time.