FOR IMMEDIATE RELEASE

Editorial Contact:

Aglaia Pikounis

The Warren Group                                                       

(617) 896-5370                                                             

apikounis@thewarrengroup.com

Conn. Home Sales Rise 11.5 Percent in Oct. From Last Year;

Condo Sales Increase 10 Percent

Prices for Single-Family Homes, Condos Drop

BOSTON, Dec. 3, 2009 – Sales of single-family homes and condominiums in Connecticut jumped by double-digit percentages in October from a year earlier, according to The Warren Group, publisher of The Commercial Record. October was the third month in 2009 that single-family home sales have risen year-over-year.

Despite the increase in sales volume, median prices for both single-family homes and condominiums statewide continued to drop from year-ago levels.

“The tax credit that’s being offered to homebuyers has certainly stimulated home sales in Connecticut and elsewhere. And while unemployment remains a concern, I think people who have jobs are probably feeling a bit more optimistic about the financial markets and the overall economy. That’s making them more willing to go out and make big purchases like buying a home,” said Timothy M. Warren Jr., CEO of The Warren Group.

Single-family home sales shot up 11.5 percent to 2,371 in October from 2,126 in October 2008. October was the third month that year-over-year sales have increased. Sales in September were down 1.4 percent from last year, while sales volume increased in July and August. October’s 11.5 percent increase was the biggest percentage increase in monthly sales year-over-year since June 2004.

Middlesex, Windham and Fairfield counties had the biggest increases in sales activity in October. In Middlesex County, sales escalated 36.7 percent, while in Windham County, sales increased 23.8 percent. Fairfield County sales were up 19.4 percent in October from the same month last year. Statewide, year-to-date home sales dropped 9.1 percent to 19,565 from 21,524.

“While gains in sales volume are pointing to a housing recovery, we have to keep in mind that home prices are still declining year-over-year, so the housing market hasn’t completely turned a corner,” Warren noted.

The median price for single-family homes sold in October slipped 4.4 percent to $239,000 from $250,000. The decrease in median home prices has narrowed, with October’s 4.4 percent decrease the smallest so far this year. In the first eight months of 2009, the price declines exceeded 10 percent. The median price for homes sold from January through October tumbled 11.3 percent to $242,140 from $273,000 a year ago.

Condominium sales also rose in October, posting the first increase in monthly sales year-over-year in more than three years. Unit sales rose 10.2 percent to 802 from 728 in October 2008. October’s sales increase is a sharp contrast to the first five months of 2009 when sales were off by more than 30 percent. Condo sales have plunged 23.2 percent to 5,814 in the first 10 months of 2009 from 7,572 a year earlier.

October’s median selling price for condos dipped 5.3 percent to $180,000 from $190,000 the previous October. The year-to-date median condo price is down 11 percent to $178,000 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.