FOR IMMEDIATE RELEASE
Editorial Contact:
Aglaia Pikounis
The Warren Group
(617) 896-5370
apikounis@thewarrengroup.com
Connecticut Home Sales Inch Up 4 Percent in July;
Median Home Prices Still Off By Double Digits
Rate of Decline in Condo Sales Eases in July
BOSTON, Aug. 27, 2009 – Single-family home sales in Connecticut rose 4 percent in July, the first increase in home sales year-over-year in two years, according to a new report from The Warren Group, publisher of The Commercial Record.
“This is a significant pick-up for the housing market in Connecticut, where sales have slumped for months. The last time there was even a slight increase in monthly sales year-over-year was July 2007,” said Timothy M. Warren Jr., CEO of The Warren Group. “Still, declines in monthly median prices continue to exceed 10 percent, a clear sign that the real estate market is still struggling. We won’t see stabilization in home prices until there are consistent gains in home sales.”
Single-family home sales climbed to 2,947 in July from 2,834 in July 2008. Home sales in Tolland and Windham counties soared by more than 50 percent in July compared to the same month last year. Only Hartford and Fairfield counties had declines in July home sales. A total of 12,470 single-family home sales traded statewide through July, a 15.5 percent drop from 14,758 a year earlier.
The median selling price for single-family homes fell 11.7 percent to $255,000 in July from $288,750 a year ago. Monthly median home prices have been sliding by double-digit percentages year-over-year since October 2008. Year-to-date the median home price retreated 12.7 percent to $240,153 from $275,000 in 2008.
Condominium sales in Connecticut continued to decline in July, but at a slower rate than prior months.
Condo sales slipped 7.4 percent to 794 from 857 in July 2008. “Even though condominium sales are still on a downward trend, this is an improvement from the first six months of the year when sales plunged by double-digit percentages,” said Warren. There were 3,577 condo sale transactions recorded from January through July, a 33 percent decrease from 5,339 a year earlier.
The median price for condos tumbled 15.5 percent to $180,000 in July from $213,000 during the same month last year. The median price for condos sold through July was $175,000, down 12.9 percent from $201,000 the prior year.
Complete statistics for cities and towns 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.