Median Prices Post Small Declines
Boston, Aug. 4, 2015 – Connecticut single-family home and condo sales rose by double digits in June, marking the fifth consecutive month of increases, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 3,368 single-family homes sold in the Nutmeg State in June, up 19.9 percent compared with 2,799 sold during the same month in 2014. This is the fifth time this year that single-family home sales have grown by double digits. Year-to-date, sales climbed by 12.1 percent with 12,254 transactions completed, compared with 10,933 during the same timeframe a year ago.
The median price of a single-family home fell by 4.4 percent in June to $264,900 compared with $277,000 a year ago. From January to June, prices fell 2.0 percent to $245,000 compared with $250,000 during the same timeframe in 2014.
“Connecticut home and condo sales have shown tremendous strength as we head into the summer months,” said Tim Warren, CEO of The Warren Group. “This has been a much stronger spring than last year, and hopefully it continues through the next season.”
Condominium sales statewide gained 14 percent in June, with 872 condos sold compared with 765 in June 2014. Year-to-date condo sales were up 9 percent, with 3,355 condos sold in the first half of 2015 in contrast to 3,077 condos sold during the same timeframe last year.
The median sales price for condos in June decreased by 2.8 percent, falling to $175,000 from $180,000 during the same month in 2014. Year-to-date condo prices fell by 2.1 percent to $163,000 compared with $166,500.
The Warren Group offers a range of real estate products, information services and printed publications, including 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.