Housing Sales in Region Tumble

RISMEDIA, December 22, 2006-(MCT)-Housing sales in New London County fell nearly 19 percent during October and skidded more than 33 percent in nearby Windham County, according to figures from a Boston-based real estate firm.

The Warren Group, which publishes the Commercial Record real estate newspaper, said New London County's 18.8 percent fall in sales during October compared to a statewide decline of 7.7 percent.

Despite the plunge in housing sales across the county, prices for housing in New London County rose 6.25 percent. The median, or middle, price rose from $240,000 in October 2005 to $255,000 in October 2006.

In Windham County, sales fell 33.1 percent and median housing prices fell 4.7 percent, the Warren Group said. The median price of housing dropped from $212,950 in October 2005 to $203,000 in October of this year.

Timothy Warren Jr., chief executive officer of the Warren Group, said the October declines reflect the continuing slowdown in the state's housing market. "As home sales continue to fall, we're now seeing the impact in terms of price drops," Warren said. "We'll be watching the Connecticut numbers closely over the next few months to see signs of bottoming out as we head into spring," he added.

Warren also said the month of October marked the first time in nine years that both single-family housing and condominium prices fell in tandem in Connecticut.

On a statewide basis, the median price of a single-family house fell 2.4 percent, from $271,500 in October 2005 to $265,000 in October of this year, according to monthly figures from the Warren Group, which also produces the Banker & Tradesman publication in Massachusetts.

The decline in housing prices across Connecticut reflects a nationwide trend, with both housing sales and prices beginning to cool. In some markets, housing sales and prices have begun to skid, but Connecticut's market did not overheat like some markets elsewhere.

New London County's condominium market also lost steam during October, with sales falling 55.4 percent. Despite that drop, median condo prices rose by a modest 4 percent, from $182,750 to $190,140.

In Windham County, sales of condos rose 5.9 percent, with the median price remaining relatively flat at $186,500 from October 2005.

Distributed by McClatchy-Tribune Information Services.

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