Boston, Nov. 4, 2014 – Connecticut single-family home sales recorded a modest increase in September, while prices fell for the seventh consecutive month year-over-year, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 2,340 single-family homes sold in Connecticut in September, a 0.4 percent increase from 2,331 sales in September 2013. Sales fell in the third quarter, dropping to 8,232 homes sold from 8,358 during the same period in 2013. Year-to-date, sales were down 1.6 percent at 19,157 compared with 19,459 during the same period a year ago.
“September marked the sixth time this year sales have increased in Connecticut,” said The Warren Group editorial director Cassidy Murphy. “Median prices continued to fall slightly but that could change once the new lending regulations fall into place, and buyers are able to afford more.”
The median price of a single-family home fell less than 1 percent to $248,000 in September, down from $250,000 a year earlier. Third quarter median prices decreased 3.6 percent to $265,000 down from $275,000 in the third quarter 2013. The median price for homes sold January through September was $256,000, falling 3.4 percent from $265,000 in the prior year.
In September, condominium sales statewide posted a big gain of almost 12 percent to 653 condos sold up from 584 a year ago. This marked the third time condo sales have posted double-digit increases in 2014. Condo sales in the third quarter increased .05 percent to 2,072, compared with 2,071 during the third quarter 2013. Year-to-date, condo sales were up 2.4 percent, increasing to 5,145 from 5,026 during the same period last year.
The median condo price in September fell 4.6 percent, decreasing to $167,000 from $175,000 in September 2013. Third quarter median prices were down 4.0 percent, falling to $175,000 from $182,000 in the prior year. The year-to-date median price of condos in Connecticut was $170,000, down almost 2.0 percent from $173,000 a year ago.