Regional Spotlight: Conn. Home Sales Plunge to Lowest Number in 14 Years

RISMEDIA, Dec. 12, 2007-Single-family home sales in Connecticut continued their steady drop in October, reaching the lowest number of sales during that month since 1993. The median price of single-family homes also fell slightly, marking the fourth month of 2007 in which prices have dropped, according to The Warren Group, publisher of The Commercial Record.

“Clearly, Connecticut’s immunity to the national housing problem is over,” said Timothy Warren Jr., CEO of the Warren Group. “The state is showing all the symptoms of having caught this housing flu, and it looks like the fever is getting worse.”

Sales of single-family homes fell 17.5%, from 3,198 in October 2006 to 2,640 this year. The last time sales fell below that level during October was in 1993, when there were 2,590 sales. Connecticut at that time was in the midst of one the worst recessions in its history.

Year-to-date sales are down 7.4%, from 32,230 during the first 10 months of 2006 to 29,831 this year.

The median price of single-family homes dropped 0.8% in October from $267,000 to $265,000. Prices also fell in September, February and March, but have risen during every other month. The year-to-date price is up 1.1% from $279,900 last year to $283,000.

“Connecticut’s housing market has fared better than those of its neighbors throughout most of 2007, but July’s credit crisis hit New England hard, and it didn’t spare the Nutmeg State this time,” said Warren.

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