BOSTON, September 10, 2014 – Connecticut single-family home sales rose slightly in the month of July, marking the fifth time sales have increased year-over-year in 2014, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 3,152 single-family homes sold in Connecticut in July, an increase of less than 1.0 percent compared with 3,129 sold in the same month last year. This marked the highest total sales for any month since June 2010, when there were 3,400 sales. Year-to-date, 14,059 homes have sold, down 1.2 percent from the 14,230 sold during the same period a year ago.
“The housing market in Connecticut was relatively flat in the first 7 months of the year with sales down 1.2% and the median price down 2.7%,” said The Warren Group CEO Timothy M. Warren Jr. “The numbers so far this year are not as upbeat as last year when sales and median prices increased by 6.0% and 8.3%, respectively. The market seems to be recovering, but not rebounding to new highs. Only 12 of 169 towns in Connecticut had a median price in 2013 that is higher than their pre-recession high in 2005. If mortgage rates remain low and home prices reasonable, I expect we will end the spring selling season in a positive way.”
Year-over-year, home prices fell 3.9 percent in July. The median sales price of a single-family home statewide dropped to $275,000 in July, down from $286,000 in July 2013. This marked the fifth consecutive month that median prices have decreased this year. The year-to-date median sales price was $255,000, down 2.7 percent from $262,000 during the same period last year.
Connecticut condominium sales fell almost five percent in July from a year earlier. A total of 763 condos sold in July, down from 803 a year earlier. Year-to-date, condo sales were up almost 2 percent to 3,829 from 3,758 a year earlier.
The median sales price of condos decreased by 2.7 percent in July. The median selling price was $180,000, compared with $184,900 a year earlier. The year-to-date median price of condos in Connecticut was $169,900, down 0.06 percent from $170,000 a year ago.