June Median Price Rises
Boston, July 27, 2016 – Single-family home sales in the Nutmeg State rose 4.1 percent in June, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 3,506 single-family homes sold in Connecticut during the month compared with 3,368 sold in June 2015. This marked the highest number of sales in the month of June since 2007, when there were 3,658 homes sold. Year-to-date, sales were up 17.8 percent with 14,419 transactions, compared with 12,240 during the same time frame a year ago.
The median price of a single-family home rose 1.5 percent in June to $269,000, compared with $264,900 a year ago. This is only the second increase in the median price in 15 months. Year-to-date, prices have decreased by 1.2 percent to $242,000 compared with $245,000 during the same time a year ago.
“Single-family home sales have hit their highest monthly total in nine years,” said Timothy M. Warren Jr., CEO of The Warren Group. “The median price has been slipping by 1-3 percent for more than 2 years now. The attractive prices are bringing buyers to market.”
Condominium sales in Connecticut decreased in June by 4.4 percent with 834 condos sold, down from 872 in June of 2015. Year-to-date, condo sales were up 10.5 percent with 3,705 condos sold compared with 3,354 during the same time frame last year.
The median sale price for condos in June posted a decrease of 2.0 percent, falling to $171,475 from $175,000 in June of 2015. Year-to-date, median condo sale prices fell 1.8 percent to $160,000, compared with $163,500 at the same time last year.
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.