BOSTON, May 14, 2013 – Single-family home sales in Connecticut dropped 3.5 percent in the first quarter, while median prices rose more than 9 percent, according to The Warren Group, publisher of The Commercial Record.

Sales of single-family homes in Connecticut declined to 4,067 in the first quarter, down from 4,216 in the first quarter 2012. This is the first time since the fourth quarter in 2010 that home sales posted a decrease.

Home sales also declined in the month of March, decreasing 6.7 percent to 1,529 from 1,639 in March 2012. This is the second consecutive month year-over-year home sales decreased.

“Low inventory is plaguing housing markets all over the country, and Connecticut is no exception,” said Timothy M. Warren Jr., CEO of The Warren Group. “With mortgage rates low and prices rising, we’re hopeful more sellers will emerge and the trend in dropping home sales will reverse.”

The median price for Connecticut single-family homes sold in the first quarter was $235,000, a 9.3 percent increase from $215,000 in the same period in 2012. In the month of March, prices rose 9.9 percent to $245,000 from $223,000 in March 2012.

“It’s clear that the low supply of homes for sale is continuing to pressure prices,” Warren said. “And there is definitely concern that such steep price spikes will cause an affordability issue.”

A total of 1,123 Connecticut condominiums were sold in the first quarter, a 1.2 percent drop from the same period in 2012 when 1,137 sales were recorded. During the month of March, 406 condos traded hands, down 5.8 percent from 431 in March 2012.

Condo median prices also decreased in the first quarter. The median price dropped 1.9 percent to $156,000, down from $159,000 in the first quarter 2012. During the month of March, prices declined 1.5 percent to $160,000, down from $162,500 in March 2012.

Lenders filed 284 petitions to foreclose in March, an 82 percent decrease from 1,621 in March 2012, according to data from The Warren Group, publisher of Banker & Tradesman. A total of 2,080 petitions to foreclose have been filed in Massachusetts during the first quarter, a 52 percent decrease from 4,348 in the first quarter of last year. Petitions to foreclose represent the first step in the foreclosure process in Massachusetts.

“Overall, we’re seeing foreclosures drop all over the country, but Massachusetts is exceptional in its reduction. The Mortgage Bankers Association reports that we rank 48th in foreclosures started in the first quarter of 2013,” said The Warren Group CEO Timothy M. Warren Jr. “Foreclosure prevention efforts combined with a booming real estate market are leading to fewer foreclosures.”

Foreclosure deeds, which represent finished foreclosures, also posted a sharp decrease in March. Foreclosure deeds dropped more than 74 percent to 227 in March, down from 899 in March 2012. Foreclosure deeds totaled 716 in the first quarter of 2013, a near 71 percent decrease from 2,465 in the first quarter of 2012.

The number of auction announcements tracked by The Warren Group fell in March compared to a year earlier. There were 398 auction announcements in March, a 67 percent decrease from 1,214 announcements during the same month last year. In the first three months of the year, there were 1,102 auction announcements, down more than 73 percent from 4,174 during the same period in 2012.

BOSTON, April 23, 2013 – Sales of single-family homes and condominiums in Massachusetts decreased again in March – a clear sign shrinking inventory is depressing sales volume, according a new report by The Warren Group, publisher of Banker & Tradesman.

Single-family home sales dropped 3.6 percent to 3,100 in March, down from 3,215 in March 2012. This is the second consecutive monthly decrease in Bay State home sales. Still, March home sales were the highest in any month so far this year. Home sales in the first quarter are also down 2.1 percent to 7,849 from 8,017 in last year’s first quarter.

“Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception,” said David Harris, editorial director at The Warren Group. “With mortgage rates low and prices competitive, we’re hopeful more sellers will emerge and the trend in dropping home sales will reverse.”

The median price for single-family homes sold in March rose more than 8 percent to $285,000 from $263,000 a year earlier. It was the sixth consecutive month that monthly home prices have increased year-over-year. The first quarter median selling price was $282,500, a 10.6 percent increase from $255,500 in the first quarter of 2012.

“It’s clear that the low supply of homes for sale is continuing to pressure prices,” Harris said. “And there is definitely concern that such steep price spikes will cause an affordability issue.”

Condominium sales statewide in March dropped for the second straight month. Condo sales decreased more than 2 percent to 1,211 from 1,240 in March 2012. A total of 3,083 condo sales transactions were recorded in the first three months of the year, a near 1 percent increase from 3,057 a year earlier.

The median price for condos sold in March was $261,000, up more than 1.5 percent from $257,000 in March 2012. The first quarter median condo price was also up more than 1.6 percent to $250,000 from $246,000 during the prior year’s first quarter.

Home Prices Rise As Condos Decline Last Month

BOSTON, April 4, 2013 – Single-family home sales in Connecticut dropped in February, reversing 13 straight months of rising sales volume, according to a recent report by The Warren Group, publisher of The Commercial Record.

A total of 1,149 homes sold statewide in February, a 7.7 percent decrease from 1,245 sales in February 2012. This is first month since December 2011 that home sales posted a decrease.

“Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales,” said Timothy M. Warren Jr., CEO of The Warren Group. “Even so, I’m still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up.”

So far this year, single-family home sales are down almost 2 percent from a year ago. Statewide, a total of 2,542 transactions were completed in the first two months in the year, down from 2,577 during the same period in 2012.

The median price for a single-family home in Connecticut rose more than 7 percent in February to $225,000 from $210,000 in February 2012. The year-to-date median home price is also up about 7 percent – rising to $225,000 from $210,000 last year.

“With such low inventory, we’re seeing bidding wars – homes selling above the asking price,” Warren said. “As prices rise, more sellers will begin to list their property which in turn pumps up sales volume.”

February condominium sales posted a decrease in Connecticut – dropping to the lowest level sales in two years. There were 306 condo sales in February, down almost 11 percent from 343 sales during the same month last year. This is the fewest number of sales since February 2011, when there were 302 sales statewide. Year-to-date condo sales are up slightly, rising almost 2 percent to 720 from 706 last year.

The median price for condos sold statewide in February decreased almost 10 percent to $139,516, down from $155,000 during the same month last year.

The median selling price for condos sold in January and February was $155,000, unchanged from the median price recorded a year ago.

Petitions, Deeds Drop Again

BOSTON, April 2, 2013 – Foreclosure activity in Massachusetts dropped again February, thanks to improving economic conditions and a revitalized real estate market, according to the latest report from The Warren Group, publisher of Banker & Tradesman.

Foreclosure petitions – the first step in the foreclosure process in Massachusetts – dropped more than 38 percent in February. There were 856 petitions, down from 1,394 in February 2012. So far this year, there were 1,796 petitions filed, down 34 percent from 2,727 during the same period last year.

“Seeing four consecutive months of petitions below 1,000 is a promising sign,” said Timothy M. Warren Jr., CEO of The Warren Group. “The improved jobs picture and lenders’ willingness to do short sales and loan modifications are helping to fuel the decrease. Hopefully this continues and improves consumer confidence as well.”

In February, 240 foreclosure deeds were filed statewide, down almost 69 percent from 767 in February 2012. Foreclosure deeds represent completed foreclosures. Year-to-date foreclosure deeds are down 66 percent. A total of 532 deeds have been filed so far this year, compared to 1,566 during the same period in 2012.

The Warren Group also tracked a decrease in auction announcements in February. A total of 330 auctions were announced in February, a 76 percent drop 1,384 in February 2012. Year-to-date announcements totaled 669 – a 77 percent decline from 2,960 during the same period last year.

Low Rates, Stimulated Home Sales Boost Activity

BOSTON, March 28, 2013 – The recovery year for the local housing market is evident in recent statistics – showing 2012 mortgage activity in New England at the highest level in five years, according to new data from The Warren Group’s Mortgage MarketShare Module.

While Massachusetts, Connecticut and Rhode Island all recorded strong activity in 2012, mortgage activity in Massachusetts was the strongest.

Total residential mortgage activity in the Bay State rose almost 38 percent statewide – increasing to 332,582 from 241,490 in 2011. Purchase mortgages spiked more than 25 percent to 57,324 from 45,824. Nonpurchase, or refinance mortgages rose almost 41 percent to 275,258 from 195,666 in all of 2011.

Last year marks the best year on record since 2007, when 346,655 total mortgages were originated in Massachusetts.

“Single-family home sales have increased in 13 of the last 14 months, a sure sign the housing market in recovery mode,” said Marie Wentling, director of product strategy at The Warren Group. “In addition to the spike in mortgages used to purchase homes, we saw a strong increase in refinance mortgages, partially credited to low rates and government assistance programs.”

Almost 83 percent of total mortgages in 2012 were refinances, compared to 81 percent in 2011. Nationally, the refinance share of applications was about 82 percent at the end of 2012, according to the Mortgage Bankers Association.

In Connecticut, all mortgage activity rose more than 26 percent in 2012. A total of 141,759 mortgages have been originated, up from 111,850 in 2011. This marks the most volume since 2007, when there were 192,278 mortgages originated. Purchase mortgages rose 13.5 percent to 24,757 from 21,808 in the prior year. In all of 2012, refinance mortgages increased 30 percent to 117,002, compared to 90,042 in 2011.

Rhode Island mortgage activity also improved drastically in 2012, marking the best year since 2009. A total of 42,680 mortgages were originated last year, up from 32,992 in the prior year. The total from 2009 barely beat this number, recording 42,745 total mortgages. Non purchase mortgages rose to 35,333 from 26,570 in all of 2011. Purchases mortgages increased more than 14 percent to 7,347, up from 6,422 during the same period last year.

BOSTON, March 26, 2013 – Single-family home sales in Massachusetts dropped last month, reversing 13 straight months of rising sales volume, according to a recent report by The Warren Group, publisher of Banker & Tradesman.

A total of 2,246 homes sold statewide in February, a 5 percent decrease from 2,366 sales in February 2012. This is first month since December 2011 that home sales posted a decrease.

“Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales,” said Timothy M. Warren Jr., CEO of The Warren Group. “Even so, I’m still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up.”

So far this year, single-family home sales are up almost 1 percent from a year ago. Statewide, a total of 4,833 transactions were completed in the first two months in the year, up from 4,802 during the same period in 2012.

The median price for a single-family home rose more than 12 percent last month to $275,000 from $245,500 in February 2012. The year-to-date median home price is also up about 12 percent – rising to $279,000 from $250,750 last year.

“With such low inventory, we’re seeing bidding wars – homes selling above the asking price,” Warren said. “As prices rise, more sellers will begin to list their property which in turn pumps up sales volume.”

February condominium sales posted a modest increase last month. There were 925 condo sales in February, up almost 1.4 percent from 912 sales during the same month last year. Year-to-date condo sales also rose almost 5 percent to 1,901 from 1,817 last year.

The median price for condos sold statewide in February increased more than 6 percent to $245,000, up from $230,525 during the same month last year.

The median selling price for condos sold in January and February was $242,000, a near 1 percent increase from the $240,000 median price recorded a year ago.

BOSTON, March 12, 2013 – Single-family home sales in Connecticut rose 14 percent to 1,519 in January, posting the highest volume for the month since 2008, according to The Warren Group, publisher of The Commercial Record.

Sales of single-family homes in Connecticut increased for the 13th consecutive month in January. This marks the highest monthly sales volume for the month since January 2008, when there were 1,653 sales.

“We ended 2012 on a pretty positive note, and this is carrying into January,” said Timothy M. Warren Jr., CEO of The Warren Group. “Recent pending sales data are a hopeful sign for a strong spring market. And given low mortgage rates and steady prices, there are positive signs that 2013 will be a second year of recovery.”

The median price for Connecticut single-family homes sold in January was $215,000, a 2.4 percent increase from $210,000 in January 2012. This is the fourth consecutive month that prices rose in the Nutmeg State.

“Low inventory is slowly driving up prices. This should in turn give sellers more confidence to put their homes on the market,” Warren said.

A total of 442 Connecticut condominiums were sold in January, a near 22 percent increase from January 2012 when 363 sales were recorded.

Condo median prices also increased slightly in January. The median price rose more than 3 percent to $160,000, up from $155,000 in January 2012. The median price of a Connecticut condo has increased in six out of the last seven months.