Median condo price decreases on year-over-year basis

BOSTON, July 31, 2018 – Single-family home sales in Connecticut decreased in June on a year-over-year basis as the median sale price climbed to a five-year high, according to the latest report from The Warren Group, publisher of The Commercial Record.

A total of 3,753 single-family homes were sold in Connecticut last month, compared to the 3,927 homes sold in June 2017 – a 4.4 percent decrease. Meanwhile, the median single-family home price increased 2.9 percent to $280,000 – the highest price achieved for the month of June since 2013. Year-to-date, single-family home sales totaled 15,523 transactions, a 1.5 percent decrease from the first six months of 2017. Meanwhile, the year-to-date median sale price of $254,000 marked a 3.7 percent increase during the same period.

“The median single-family home price reaching $280,000 is a five-year high for the month of June,” said Timothy Warren, CEO of The Warren Group. “Hitting a five-year high is encouraging, but we need to keep in mind that the market has still not hit it recession peaks. In June 2007 the median price was $325,000, and back in June 2004, the number of homes sold was 5,200. Both are substantially higher than the numbers achieved this year..”

The number of condominium sales in Connecticut decreased on a year-over-year basis, falling 3.6 percent in June with 937 transactions, down from 972 transactions a year earlier. The median sale price for condos also edged lower, falling 2.3 percent on a year-over-year basis to $171,000, down from $175,000 in June 2017. Year-to-date, condo sales totaled 4,234 transactions with a median sale price of $164,000.

“June condo sales have exceeded 900 transactions for two consecutive years,” Warren continued. “The last time June condo sales surpassed this mark was in 2010, which indicates even more buyers are turning to condominiums for homeownership and will probably continue to do so in the coming months.”

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