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Editorial Contact:
Katie Curnutte
The Warren Group
(617) 896-5370
Conn. Home Sales in 2007 Fall to Lowest Level Since 1995,
But Prices Rise Slightly,
According to The Warren Group
December Sees Biggest Drop in Sales Since Mid-2006
BOSTON, Feb. 11, 2007– The median price of single-family homes in Connecticut rose slightly last year, although sales fell throughout much of 2007 and plunged rapidly in the last few months of the year, according to The Warren Group, publisher of The Commercial Record.
“This price increase in 2007 may be of some comfort to NutmegState homeowners,” said Timothy Warren Jr., CEO of The Warren Group. “But declines in home sales grew as the year wore on, so the start of 2008 might be a rough one for the state’s housing market.”
Sales of single-family homes fell 9.3 percent from 37,922 in 2006 to 34,391 in 2007. The last time there were fewer than 34,391 single-family home sales in a year was in 1995, when there were 34,096.
Single-family home sales in December 2007 fell 24 percent from 2,862 to 2,174. It was the largest monthly decline since September 2006, when sales fell 24.5 percent compared to the same month in 2005. Sales have fallen by around 20 percent in each month since September 2007.
The median price of single-family homes rose 1.5 percent in 2007 from $276,000 to $280,000. The median price for sales completed in December 2007 fell 3.8 percent from $265,000 in December 2006 to $255,000.
“In Massachusetts and Rhode Island, single-family home prices fell 4.6 and 4.7 percent, respectively. Connecticut has so far avoided the curse of falling home prices that has faced its neighbors,” Warren said. “But with sales in the NutmegState falling so rapidly at the close of 2007, 2008 could be a different story.”
Condominium sales in the state fared worse than single-family home sales, falling 11.2 percent for the year, from 15,022 in 2006 to 13,338. During December, those sales were down 25.8 percent from 1,113 in December 2006 to 826 in December 2007.
But the median price of condos stayed healthy, rising 4.2 percent in 2007 from $192,000 to $200,000. The December 2007 median price was down 2 percent from $193,900 in December 2006 to $190,000.
Statistics for all cities and towns available by request to members of the media.
Median Price, Single-Family Homes
1997-2007
About The Warren Group
The Warren Group, based in Boston, is the publisher of The Commercial Record in Connecticut, Banker & Tradesman in Massachusetts, as well as 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.