FOR IMMEDIATE RELEASE
Editorial Contact:
Aglaia Pikounis
The Warren Group
(617) 896-5370
apikounis@thewarrengroup.com
Conn. Home Sales Jump in August,
Posting Increase for Two Months Straight
Median Home Prices, Condominium Sales Continue to Drag
BOSTON, Oct. 1, 2009 – Single-family home sales in Connecticut climbed for the second consecutive month, jumping almost 7 percent in August year-over-year, according to the latest report from The Warren Group, publisher of The Commercial Record.
“The gains in home sales for two consecutive months is a good boost for Connecticut’s housing market, especially since sales have been slumping since 2005,” said Timothy M. Warren Jr., CEO of The Warren Group. “However, unemployment and mortgage delinquencies remain a concern, and prices continue to erode from last year’s levels, evidence that the housing recovery will be slow.”
Single-family home sales rose 6.8 percent to 2,644 from 2,476 in August 2008. Windham, Litchfield, New Haven and New London counties had the biggest gains for the month.
The 6.8 percent increase in statewide sales in August follows a 3 percent bump-up in sales transactions in July. Home sales from January through August totaled 15,086, a 12.5 percent drop from 17,234 last year.
There has been no uptick in Connecticut’s median home prices, however. The median price for homes sold in August plummeted 13.6 percent to $250,650 from $290,000 a year earlier. August ended a four-month trend that saw the decline in monthly median home prices year-over-year narrowing. July’s median home price, for example, dropped 11 percent from the same month in 2008, the smallest decline so far in 2009. The year-to-date median home price is off 11.6 percent, falling to $245,000 from $277,000.
“We didn’t see price declines moderate significantly this year. If sales volume continues to increase consistently, then median prices should start to respond in coming months,” Warren said.
Unlike single-family home sales, condominium sales in Connecticut did not pick up in August. Condo sales slipped 5.4 percent to 757 from 800 in August 2008. The sales drop was the smallest percentage decline in monthly condo sales so far this year. A total of 4,330 condo sales have been recorded from January through August, a 29.5 percent decrease from 6,139 during the same months in 2008.
The median price for condos sold in August dipped 5.5 percent to $180,000 from $190,500 in August 2008. The year-to-date median condo price is off 12 percent, falling to $176,000 from $200,000.
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.