August median single-family home price reaches six-year high

PEABODY, September 24, 2019 – Connecticut single-family home and condominium sales declined in August with both property types seeing the fewest transactions since 2015, according to the latest report from The Warren Group, publisher of The Commercial Record.

August single-family home sales totaled 3,474 transactions, a 6.4 percent decrease from August 2018 when there were 3,711 transactions. This marked the fewest number of sales for single-family homes in the month since August 2015. At the same time, the median single-family home price rose 2.9 percent on a year-over-year basis to $280,000 – a six-year high for the month of August. Year-to-date, there have been 22,147 single-family home sales in Connecticut – a 4.8 percent decrease from the first eight months of 2018. Year-to-date, the median sale price hit $265,000 – a 1.9 percent increase from 2018.

“Single-family home sales have been down every month in 2019 on a year-over-year basis,” said Tim Warren, CEO of The Warren Group. “With the last full month of the summer housing market behind us – which is historically the busiest time of the season – I don’t expect this trend to reverse during the remainder of 2019.”

Condominium sales declined in August, falling 10.1 percent on a year-over-year basis with 861 transactions. This is compared to the 958 condo sales recorded in August 2018. Meanwhile, the median sale price dipped 4.5 percent on a year-over-year basis to $170,000 compared to $178,000 in August 2018. Year-to-date, there have been 6,033 condo sales, a 1.7 percent decrease from the first eight months of 2018, with a median sale price of $165,000, a 2.3 percent decrease.

“Condo sales for the month of August saw the biggest year-over-year decline since 2010,” Warren continued. “Last month, condo activity was more or less on par with where it was in 2018, but the performance in August resulted in a significant backslide.”

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