(HARTFORD, CONN. WTIC)-Connecticut residents state wide are receiving 20-percent more selling homes this year than in the previous one.
In July alone, closing prices were up 18%, the President of the Greater Hartford Association of Realtors, Alexa Kebala Hughes, said.
She credited three factors: a surplus of buyers, reduced inventory and low interest rates.
Inventory is down about 80% from last year, Kebala Hughes said.
Connecticut is experiencing an influx of out of state buyers, particularly New York, Kebala Hughes said.
Real estate professionals are also dealing with what they call digital nomads-people working from home, relinquishing the need to live near their office, she said.
Most buyers put 3.5% down, but generally, she explained, New York buyers are putting more down and some pay with cash.
Most transactions are taking 45 to 60 days, she said.