RISMEDIA, August 28, 2009-Single-family home sales in Connecticut rose 4% in July 2009, the first increase in home sales year-over-year in two years, according to a new report from The Warren Group, publisher of The Commercial Record.
“This is a significant pick-up for the housing market in Connecticut, where sales have slumped for months. The last time there was even a slight increase in monthly sales year-over-year was July 2007,” said Timothy M. Warren Jr., CEO of The Warren Group. “Still, declines in monthly median prices continue to exceed 10 percent, a clear sign that the real estate market is still struggling. We won’t see stabilization in home prices until there are consistent gains in home sales.”
Single-family home sales climbed to 2,947 in July 2009 from 2,834 in July 2008. Home sales in Tolland and Windham counties soared by more than 50% in July compared to the same month last year. Only Hartford and Fairfield counties had declines in July home sales. A total of 12,470 single-family home sales traded statewide through July, a 15.5% drop from 14,758 a year earlier.
The median selling price for single-family homes fell 11.7% to $255,000 in July from $288,750 a year ago. Monthly median home prices have been sliding by double-digit percentages year-over-year since October 2008. Year-to-date the median home price retreated 12.7% to $240,153 from $275,000 in 2008.
Condominium sales in Connecticut continued to decline in July, but at a slower rate than prior months. Condo sales slipped 7.4% to 794 from 857 in July 2008. “Even though condominium sales are still on a downward trend, this is an improvement from the first six months of the year when sales plunged by double-digit percentages,” said Warren. There were 3,577 condo sale transactions recorded from January through July, a 33% decrease from 5,339 a year earlier.
The median price for condos tumbled 15.5% to $180,000 in July from $213,000 during the same month last year. The median price for condos sold through July was $175,000, down 12.9% from $201,000 the prior year.
For more information, visit www.thewarrengroup.com.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com