Connecticut’s median single-family home price set yet another record for the month of June when it hit $385,000 according to The Warren Group, publisher of The Commercial Record.
Statewide, there were 3,397 single-family sales in June, a 23.9 percent drop from June 2021.
Year-to-date, there have been 15,561 sales at a median price of $345,000, a 13.8 percent drop and a 6.15 percent increase respectively.
The condominium market saw bigger year-on-year price gains in June, but smaller year-on-year drops in sales.
Statewide, 1,085 condos were sold in June at a median price of $233,175, a 12.71 percent drop and 12.1 percent increase, respectively. Year to date, there have been 5,246 condos sold statewide through June, 3.17 percent down from the same time last year, at a median sale price of $212,500. That’s a 9.54 percent increase in median sale price from the year before.
In Greater Hartford, inventory dropped 27.3 percent year-on-year in June. The Greater Hartford Association of Realtors said the number of single-family homes on the market that month fell from 1,462 in June 2021 to 1,063 in June of this year. At the same time, new listings also dropped 8.1 percent, from 949 to 872, GHAR said, while pending sales also decreased 14.4 percent. The average days on market until sale fell from 24 to 15 over the same time frame.
GHAR CEO Holly Callanan said in a statement that the numbers could reflect a shrinking buyer pool.
“It could be that rising interest rates and low inventory are beginning to sideline buyers,” she said.