With inventory increasing across the nation, sellers are feeling some pressure.
In Greater Hartford, the combined number of active single-family and condominium listings increased by 17.3 percent on a year-over-year basis in June according to a new analysis by Realtor.com economists.
Additionally, new single-family and condominium listings of both property types increased by 9.3 percent.
Elsewhere in New England, Greater Boston and New Hampshire’s Seacoast region saw a sizable increase in active listings – 17.3 percent – while new listings rose by only 3.3 percent. In the Providence, Rhode Island metro active listings were up 29.5 percent and new listings were up 3.8 percent.
“This year’s market is a study in contrasts,” Danielle Hale, chief economist at Realtor.com, said in a statement. “Buyers are seeing more choices than they’ve had in years, but many sellers, anchored by peak price expectations and upheld by strong equity positions, are deciding to step back if they don’t get their number. Looking forward, this dynamic will affect whether we tip from a balanced to buyer’s market, and if so, how quickly that happens.”
With inventory increasing, sellers are feeling some pressure as buyers have more options. Nationwide in May, delistings rose 47 percent from a year ago and on a year-to-date basis are outpacing inventory gains.
Price cuts are also becoming more common. In June, 20.7 percent of listings across the united states saw price reductions, the highest share for any June since at least 2016 and the sixth consecutive month of price cuts.
The share of all home listings that had a price cut in Hartford rose 1.8 percent on a year-over-year basis in May. Boston saw a similar increase of 2.5 percent and Providence saw a 2.7 percent bump.
According to the most recent data from The Warren Group, publisher of The Commercial Record, the median single-family sale price rose 7.87 percent to $449,000 and sales fell slightly less than 1 percent in May while the median condo sale price rose 3.39 percent while sales also fell by slightly less than 1 percent, all on a year-over-year basis.Those sales represent homes that likely went under agreement in April or even March, before year-over-year gains in inventory became this pronounced.