Regional Spotlight—Single-family home sales in Connecticut rose 2.0 percent in January, according to a new report from The Warren Group, publisher of The Commercial Record. This marks nine consecutive months of home sale increases in the Nutmeg State.
There were 1,435 single-family homes sold in the month of January, up from 1,402 in January 2013. More home sales were recorded this month than any other January since 2009.
“The modest increase in single-family homes sales for January is smaller than the 6.0 percent increase that was recorded for the full year of 2013,” said Timothy M. Warren Jr., CEO of The Warren Group. “We expect to see bigger gains once the spring market gets in full swing. I think there is pent-up demand that will drive home sales upward.”
The median price for Connecticut single-family homes sold in January was reported at $230,000, unchanged from January 2013.
“Median prices have remained flat on a year-over-year basis for three months in a row now,” Warren said. “Higher interest rates may be holding down recent price increases. In 2013 median prices rose 8.3 percent.”
Condominium sales in January fell by 7.0 percent with 387 recorded sales, down from 417 in January 2013.
Condo median prices also fell slightly in January. The median price decreased by less than half a percentage to $162,500 compared with $163,000 in January 2013.
For more information, visit www.thewarrengroup.com.