All Hartford County single-family metrics improved during the month of April. The number of contracts stepped upwards to 866, a strong increase over March 2022, but still about 16% behind the April 2021 total. The market finished the month about 18% behind 2021 on a year-to-date basis.
New listings topped the 1,000 level for the first month since the tail end of last summer. Because contracts remained below new listings, the overall inventory of available homes increased to 0.7 months.
In raw numbers, 0.7 months of inventory translated to 589 active listings. Prior to the pandemic it was common to have more than 2,000 actively listings at this point in the year, so buyers still do not have as much selection or leverage in the market as they used to.
Rising mortgage interest rates have begun to influence buyers. More expensive borrowing costs reduce a buyer’s purchasing power, as more of their monthly payment has to go towards paying interest to their lender. In the hottest markets this has translated into fewer bids, though the winning bids seem to be just as aggressive as they have been for a while now.
The supply of available homes continues to limit market activity, though it will be important to monitor headwinds that buyers are facing. Higher home prices, higher mortgage interest rates, and continued general price inflation all impact a buyer’s ability and willingness to buy a home.