FOR IMMEDIATE RELEASE

Editorial Contact:

Aglaia Pikounis

The Warren Group                                                       

(617) 896-5370                                                             

apikounis@thewarrengroup.com

Conn. Home Sales Drop to Lowest April Level Since 1987; Median Home Price Decline Eases

April Condo Sales Plummet 44 Percent

BOSTON, June 3, 2009 – Sales of single-family homes and condominiums in Connecticut fell by double-digit percentages in April, according to a report released today by The Warren Group, publisher of The Commercial Record. Median prices for single-family homes also continued to decline in April, but not as sharply as in recent months.  

“Low mortgage interest rates, a first-time homebuyer tax credit and reduced home prices didn’t stimulate sales, even though that was the expectation,” said Timothy M. Warren, CEO of The Warren Group. “Job losses, pay cuts and mounting consumer debt appear to be affecting people’s home-buying decisions.”

Sales of single-family homes dropped 21.1 percent to 1,528 in April from 1,936 a year ago. It was the slowest sales pace for the month of April since The Warren Group started tracking changes in Connecticut’s real estate sales and prices in 1987. Year-to-date home sales totaled 5,079, a 26 percent decrease from 6,868 last year.

The median selling price for single-family homes retreated 13.5 percent to $227,500 from $263,000 in April 2008. Monthly median home prices have been falling by double-digit percentages, year-over-year, for seven consecutive months, but April delivered the smallest price decline in that seven-month period. Meanwhile, the median price for homes sold in the first four months of 2009 is down 15.5 percent to $224,000 from $265,125.

Statewide condominium sales were off 44.2 percent in April. Condo sales totaled 447, down from 801 in April 2008. April’s condo sales were the lowest for that particular month since The Warren Group started tracking sales changes in 1987. Year-to-date condo sales plunged 40.9 percent to 1,550 from 2,624 last year.

The median selling price for condos tumbled 22.3 percent to $171,000 from $220,000 in April 2008, posting the steepest decline in monthly median condo prices in years. Meanwhile, the median price for condos sold from January through April dropped 11.5 percent to $175,000 from $197,750.

Complete statistics for cities, towns and counties available to members of the media by request.

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 800-356-8805.