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Regional Spotlight: Connecticut Home, Condo Sales Post Strong Gains in April 2010

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RISMEDIA, June 2, 2010—Sales of single-family homes in Connecticut soared 41% in April 2010 from a year earlier, while condo sales spiked 51%, according to a new report by The Warren Group, publisher of The Commercial Record. The median price for single-family homes and condos also increased.

“Sales of single-family homes and condos have been climbing year-over-year for seven straight months now and prices have also been on the rise. There is definitely growing confidence in the housing market, but foreclosure activity and high unemployment continue to threaten the housing market recovery,”said The Warren Group CEO Timothy M. Warren Jr.

Single-family home sales jumped 41.3% to 2,163 in April from 1,531 in April 2009. A total of 6,687 home sales transactions were recorded in Connecticut in the first four months of the year, up 31.4% from 5,091 in the prior year.

Middlesex and Fairfield counties had the sharpest rise in home sales volume in April. In Middlesex County, home sales shot up 81.1% to 134 from 74 in April 2009. Fairfield County home sales jumped 76% to 521 from 296 during the same period.

Statewide, the median home price climbed 3.3% to $235,000 in April from $227,500 a year ago. The year-to-date median home price rose 5.8% to $236,000 from $223,000.

April median home prices were down, however, in Middlesex, New London and Tolland counties. In Middlesex County, the median home price plunged 21.8% to $227,500 from $291,000 in April 2009. Tolland County’s median home price retreated 11.6% to $211,250 from $239,000 during the same period. And in New London County, the median home price slipped 5.2% to $203,900 from $215,000.

Connecticut’s condominium sales increased for the seventh consecutive month in April. Condo sales surged 50.7% to 666 from 442. In the first four months, 2,002 condos have traded, up 30.6% 1,533 during the same months in 2009.

April’s median condo price was $179,900, a 5.2% from the $171,000 median price posted in April 2009. The year-to-date median condo price has climbed 2.9% to $180,000 from $175,000.

For more information, visit www.thewarrengroup.com.

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