Boston, Sept. 30, 2014 – Sales of Connecticut single-family homes declined almost 6.0 percent in August, marking the third time home sales have decreased in 2014, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 2,735 single-family homes sold in August, compared with the 2,898 sales in the same month a year ago. From January through August, sales fell almost 2.0 percent with 16,805 transactions compared with 17,128 during the same timeframe in 2013.
“The real estate market in Connecticut is slumping a bit at the moment,” said The Warren Group CEO Timothy M. Warren Jr. “Single-family home sales and prices have fallen in the first eight months of the year with each posting declines of 2.0 to 3.0 percent. Last year, we saw gains of 6.0 to 8.0 percent. The recovery in the real estate market has stalled, and prices remain 12.0 percent below their highest levels in 2007.”
The median price of single-family homes statewide fell 5.3 percent, marking the sixth consecutive month prices declined. The median price fell to $269,900 in August compared with $285,000 in the same month last year. The median sales price for homes sold January through August also decreased 3.0 percent to $258,000, down from $265,000 during the same period a year ago.
In August, Connecticut condominium sales fell 4.2 percent. Sales statewide decreased to 655 in August, down from 684 in August 2013. This marked the fourth month that condo sales declined this year. Year-to-date, condo sales were up slightly by 1.0 percent, increasing to 4,487 from 4,442 during the previous year.
The median sales price of Connecticut condos decreased almost 7.0 percent in August to $176,500, down from last year’s $188,875. The year-to-date median price of condos statewide declined 1.5 percent to $170,000 compared with $172,500 a year ago.