Boston, Dec. 9, 2014 –Single-family home sales in the Nutmeg State increased by 7.0 percent in October, while prices fell for the eighth consecutive month year-over-year, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 2,379 single-family homes sold in Connecticut during the month compared with 2,221 sold in October 2013. This marked the highest number of sales for the month of October since 2007 when there were 2,605 homes sold. Year-to-date, sales were down by less than 1.0 percent at 21,546 compared with 21,680 during the same period a year ago.
The median price of a single-family home fell 3.4 percent to $241,600 in October, down from $250,000 a year earlier. Year-to-date, the median price for homes sold was $254,900, falling 2.7 percent from $262,000 in the same timeframe last year.
“Single-family homes sales have picked up some momentum as we head towards the end of the year,” said The Warren Group CEO, Timothy M. Warren Jr. “In the improving economy, buyers are active and finding prices to their liking, well below pre-recession highs.”
Condominium sales statewide posted a 6.0 percent increase in October, climbing to 667 condos sold up from 629 the same time a year ago. Year-to-date, condo sales were up almost 3.0 percent, increasing to 5,816 from 5,655 during the same period last year.
The median sales price for condos in October rose by 2.0 percent, increasing to $168,000 from $165,000 in October 2013. This marked the first increase in prices year-over-year since June. The year-to-date median selling price of condos in Connecticut was $170,000, down almost 1.2 percent from $172,000 a year ago.
The Warren Group offers a range of real estate products, information services and printed publications, including the weekly newspapers Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com