Regional Spotlight: Connecticut Home Prices Up for Fifth Month in a Row

RISMEDIA, Oct. 11, 2007-The median price of a single-family home rose again in August, although sales fell slightly, according to The Warren Group, publisher of The Commercial Record.

The median price rose 4.9% during the month from $286,000 in August 2006 to $299,900 this year. The year-to-date median price for single-family homes is up 2.1% from $280,000 during the first eight months of 2006 to $286,000 this year.
Single-family home sales fell 1.8% in August from 3,921 last year to 3,849 this year. Year-to-date sales are down 3.7% from 25,682 last year to 24,727 this year.

“Although slightly fewer people are buying homes this year, Connecticut real estate’s desirability isn’t faltering,” said Timothy Warren Jr., CEO of The Warren Group. “Prices continue to rise in counties all across the state, although they’re not rising nearly as quickly as they were three to five years ago. It’s the definition of a soft landing.”

Condominium prices are also faring well so far this year, although sales are dropping more steeply than single-family home sales.

August sales fell 15.1% from 1,576 in 2006 to 1,338 this year. Year-to-date sales are down 9.1% from 10,419 last year to 9,475. The median price of condominiums rose 3.9% in August from $192,500 to $200,000. The year-to-date median price is up 4.2% from $192,000 last year to $200,000 this year.

For more information, visit www.thewarrengroup.com or call 800-356-8805.

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