More than 9% of Hartford-area home sellers cut prices in July

HARTFORD – More than 9% of Hartford-area home sellers reduced the price of their homes in July, according to a study recently published by Realtor.com.

This number was still well below markers for other major metropolitan areas in the country. In Las Vegas and Phoenix, more than 40% of sellers had lowered their prices.

The study also presented more evidence that the housing market continues to cool after a frenzy during the COVID-19 pandemic saw prices and sales soar in Connecticut and the country.

“Our survey shows that the overheated housing market of the past two years – which has mainly favored sellers – is starting to regain a sense of normalcy, which is good news for homebuyers,” said George Ratiu, head of economic research at Realtor.com. . “The combination of higher mortgage rates and prices dampened demand significantly in the first half of the year.”

The Realtor.com study also found that overall inventory increased in 45 of the 50 major metropolitan areas surveyed, but Hartford was not one of them.

Instead, stocks fell 17.3% in Hartford. The area also saw a 21.6% drop in the number of newly listed homes.

The study metropolitan area includes Hartford, West Hartford and East Hartford. The median listing price for a home in the area was $380,000 and includes an 11.9% year-over-year increase, according to the study.

Most of the data follows a recent trend across the country as interest rates rose and demand cooled.

“This moderation in buyer demand has been spurred by rising interest rates and unprecedented listing prices that have raised the cost of financing a typical home to 80% by 53% from a year ago. one year,” the study said.

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