Connecticut Home Sales Fall in First Half of Year; Price Still on the Rise, According to The Warren Group. Prices Rise in Almost Every County; Fairfield Still Leads Pack With 4.8 Percent Increase.
BOSTON, Aug. 15, 2007 – People in Connecticut aren’t buying quite as many houses as they were last year, but they’re paying more when they do buy. Sales of single-family homes and condominiums fell during the first half of 2007, but prices for both property types continue to rise, according to The Warren Group, publisher of The Commercial Record.
Single-family home sales dropped 5.8 percent after the first six months of the year from 17,968 in 2006 to 16,926 this year. June sales were also down, falling 9.5 percent from 4,159 in June 2006 to 3,764 this year.
The median price of single-family homes is up 1.8 percent after the first two quarters of the year from $275,000 last year to $280,000. The median price in June increased 4.2 percent from $295,000 to $307,250. June is the second month in a row in which median prices have increased more than 4 percent over the same time period last year.
In Fairfield County, single-family home prices in the first half of the year rose 4.8 percent from $548,000 to $574,500, while sales fell 5.2 percent from 4,573 to 4,336. The median price in June rose 4.1 percent from $605,000 to $629,500. Sales in June dropped 6.8 percent from 1,054 to 982.
Hartford County’s housing market saw similar numbers. The median price of single-family homes during the first half of the year was up 3 percent from $231,000 to $238,000, while sales were down 9.2 percent from 4,597 to 4,173. During June, the median price rose 3.1 percent from $242,500 to $250,000. Sales in June fell 13.4 percent from 1,114 to 965.
Only New Haven and Windham counties saw prices fall after the first half of the year. In New Haven County, the median price dropped 0.6 percent after the first half of the year from $250,000 to $248,500. Sales during that time period fell 3.7 percent from 3,893 to 3,749. In Windham County, the median price for single-family homes fell 2.4 percent from $210,000 to $205,000, and sales fell 11.9 percent from 588 to 518.
“Connecticut’s housing market is still healthy,” said Timothy Warren Jr., CEO of The Warren Group. “Sales are falling slightly, but the continuing increase in median prices is a testament to the desirability of many areas of the state. Even in places where prices are falling, the decreases are slight. Connecticut’s market will probably continue in this way for the rest of the year, with small fluctuations in prices month-to-month, and possibly with more leveling-out of sales. We still have to keep an eye on foreclosures. A glut of distressed properties on the market could have an affect on prices.”
Condominium sales in the state fell 9.1 percent during the first half of the year from 7,394 to 6,721. June sales were down 14.2 percent from 1,587 to 1,361.
The median price of condos was up 4.2 percent in the first half from $190,000 to $198,000. June prices rose 2.6 percent from $195,000 to $200,000.
Statistics for all cities and towns available 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.
Editorial Contacts:
Katie Curnutte
The Warren Group
280 Summer St.
Boston, MA 02210
(617) 428-5100
kcurnutte@thewarrengroup.com