Median Sale Prices Hit Lowest Point This Year
Boston, September 9, 2016 – Single-family home sales in Connecticut fell by 15.6 percent in July, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 3,203 single-family homes were sold in the Nutmeg State during the month compared with 3,795 sold in July of 2015. This marked the first year over year decrease in percentage of sales in 17 consecutive months. Year-to-date, sales were up 9.9 percent with 17,622 transactions, compared with 16,035 during the same timeframe a year ago.
The median price of a single-family home fell 4.8 percent in July to $260,000, compared with $273,000 a year ago. In the past 12 months there have only been 2 positive percentage increases in median sale price. Year-to-date, prices have decreased by 1.9 percent to $245,100 compared with $250,000 during the same time a year ago.
“The large drop in number of homes sold is concerning,” said Cassidy Murphy, editorial director of The Warren Group. “For quite a while we’ve seen prices fall and sales rise; if both sales and prices fall in tandem, it could produce a serious drag on the state’s economy.”
Condominium sales in Connecticut decreased in July by 14.1 percent with 803 condos sold, down from 935 in July of 2015. Year-to-date, condo sales were up 5.1 percent with 4,508 condos sold compared with 4,289 during the same timeframe last year.
The median sale price for condos in July posted an increase of 1.5 percent, rising to $172,500 from $169,900 in July of 2015. Year-to-date, median condo sale prices fell 1.0 percent to $162,000, compared with $163,604 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.