Regional Spotlight—Single-family home sales in Connecticut increased again in September, while prices reached the lowest level for the month in 10 years, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 1,900 single-family homes sold in Connecticut in September, a 4.5 percent increase from 1,817 sales in September 2011. Sales also increased in the third quarter – rising to 7,266 from 6,188 during the same period in 2011. Year-to-date sales are up 13.1 percent at 18,300, compared to 16,180 during the same period a year ago.
“Home sales have increased every month in 2012, a strong sign that the housing market is recovering. This suggests that consumers have regained some confidence in the economy, and are making home purchases with more enthusiasm,” says The Warren Group CEO Timothy M. Warren Jr. “The drop in prices is concerning, but it’s typical to see sales volume increase before prices do in a recovery period.”
The median price of single-family homes dropped 7.2 percent to $230,000 in September, down from $248,000 a year earlier. This is the lowest median price recorded in September since 2002. Third quarter median prices decreased 1.6 percent to $250,750 from $255,000 in the third quarter of 2011. The median price for homes sold from January through September was $240,000, down four percent from $250,000 in the prior year.
In September, condominium sales statewide rose more than seven percent to 503, up from 470 a year ago. Condo sales in the third quarter increased 12.6 percent to 1,760, compared to 1,562 during the third quarter of 2011. Year-to-date condo sales are up 7.2 percent, increasing to 4,648 from 4,334 during the same period last year.
The median condo price in September decreased 9.3 percent, dropping to $157,000 from $173,089 in September 2011. Third quarter median prices are down 9.8 percent, decreasing to $160,000 from $177,450 in the prior year. The year-to-date median price of condos in Connecticut is $160,000, down 8.5 percent from $175,000 a year ago.
For more information, visit www.thewarrengroup.com.