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Editorial Contact:

Aglaia Pikounis

The Warren Group                                                       

(617) 896-5370                                                             

apikounis@thewarrengroup.com

Conn. Home, Condo Sales Flat in September;

Median Home, Condo Prices Fall 8 Percent

Single-Family Home Sales Climb in Third Quarter from Last Year

BOSTON, Oct. 29, 2009 – Sales of single-family homes and condominiums in Connecticut were flat in September compared to a year ago. But single-family home sales in the third quarter climbed nearly 3 percent from the same period in 2008, according to The Warren Group, publisher of The Commercial Record.

“September didn’t deliver the gains in sales volume that the previous two months did. Still, single-family home sales in the third quarter managed to creep up a bit from last year, and the first-time homebuyer tax credit and lower home prices statewide helped to drive that increase,” said Timothy M. Warren Jr., CEO of The Warren Group. “It’s clear that Connecticut’s housing market is still struggling and has a way to go before it recovers.”

There were 2,150 single-family home sale transactions in September, 0.65 percent below the 2,164 home sales in September 2008. The slight sales dip came after home sales in Connecticut rose two consecutive months year-over-year. Third quarter sales totaled 7,672, up 2.7 percent from 7,474 in third quarter 2008. Year-to-date sales fell 11.3 percent to 17,208 from 19,398 last year.

The median price for single-family homes sold in September dropped 8.4 percent to $238,225 from $260,000. It was the smallest decline in monthly median home prices year-over-year so far in 2009. The third quarter median home price tumbled 10.7 percent to $250,000 from $280,000 last year. Year-to-date the median price has retreated 11.6 percent to $243,000 from $275,000.

“Home prices are still sliding, but September’s 8 percent year-over-year drop was more moderate that the previous eight months when there were double-digit percentage declines in prices,” noted Warren.

A total of 701 condominium sales were recorded in September, just 4 fewer than the 705 sales in September 2008. Third quarter condo sales dropped 5.1 percent to 2,242 from 2,362 the prior year. Condo sales for the first nine months plunged 26.7 percent to 5,015 from in 6,844 during the same months in 2008.

The median condo price in September was $182,000, down 8.8 percent from $199,500 in September 2008. The median price for condos sold in the third quarter fell 10 percent to $180,000 from $200,000 last year. The year-to-date median condo price plummeted 11.5 percent to $177,000 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.