Connecticut single-family home sales increased a mere 0.4 percent in the month of June, according to the latest report by The Warren Group, publisher of The Commercial Record. The modest June gain follows double digits increases in April and May.
Second quarter single-family home sales totaled 6,723, an 11 percent increase from 6,042 in the second quarter of 2011.
June single-family home sales in Connecticut represent the sixth straight month of increases in 2012. A total of 2,532 single-family homes sold in June, up from 2,521 a year earlier. This marks the best month for sales since June 2010, when there were 3,400 sales.
“While it’s positive that sales remained about the same as last year, it looks like the market lost some momentum in June. Connecticut home sales are not as strong as in other parts of New England,” said The Warren Group CEO Timothy M. Warren Jr. “Hopefully the local consumer confidence combined with low mortgage rates will help the market a great deal.”
Year-to-date home sales statewide are up 9 percent. From January to June, a total of 10,886 single-family homes have sold, compared to 9,992 during the same period a year ago.
Year-over-year home prices decreased in June. The median sale price of single-family homes statewide dropped almost 5 percent to $265,000 in June, down from $278,000 in June 2011. The year-to-date median sale price is $233,000, down 5.5 percent from $246,750 during the same period last year. Quarterly prices dropped 4.6 percent to $248,000, down from $260,000 during the second quarter 2011.
“Median prices have continued to decline this year, and the trend is expected to continue until home sales put up stronger numbers,” Warren added.
Connecticut condominium sales dropped in June, decreasing almost 6 percent from a year earlier. A total of 635 condos sold in June, down from 674 a year earlier. Year-to-date condo sales are up 3 percent to 2,865 from 2,772 a year earlier.
Condo sales for the second quarter also climbed from a year earlier. In the second quarter, 1,731 condos sold, up more than 4 percent from 1,654 during the same period a year ago.
The median sales price of condos dropped in June. The median selling price was $162,500, down 14.5 percent from $190,000 a year earlier. The second quarter median condo price dropped 10 percent to $161,200 from $179,000 in the second quarter 2011. The year-to-date median price of condos in the Connecticut is $160,000, down 8.5 percent from $175,000 a year ago.