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Single-family home sales slow as local inventory dwindles

Oct. 2, 2018 (PEABODY, MA) – Single-family home sales in Connecticut decreased in August on a year-over-year basis as the median sale price reached a five-year high for the month of August, according to the latest report from The Warren Group, publisher of The Commercial Record.

A total of 3,701 single-family homes were sold in Connecticut in August, compared to the 3,864 homes sold in August 2017 – a 4.2 percent decrease. Meanwhile, the median single-family home price increased 2.4 percent to $271,500 – the highest price achieved for the month of August since 2013. Year-to-date, single-family home sales totaled 23,234 transactions, a 0.4 percent decrease from the first eight months of 2017. Meanwhile, the year-to-date median sale price of $260,000 marked a 4 percent increase over the same period.

“The median single-family home price reached a five-year high for the month of August, but based on historical trends, we can probably expect the price to start edging lower on a month-over-month basis during the remainder of 2018,” said Timothy Warren, CEO of The Warren Group. “However, if inventory fails to keep up with demand – like we’ve seen in the last few months – year-over-year price gains could continue for a while longer.”

The number of condominium sales in Connecticut increased on a year-over-year basis, rising 3.8 percent in August with 956 transactions, up from 921 transactions a year earlier. The median sale price for condos also increased, rising 4.7 percent on a year-over-year basis to $177,900, up from $169,000 in August 2017. Year-to-date, condo sales totaled 6,128 transactions with a median sale price of $168,125.

“The median condo sale price of $177,950 is the highwater mark for 2018,” Warren said. “Condos sales also reached a new high for the year, but activity still remains below where it was at its peak in 2006.

ABOUT THE WARREN GROUP

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record and Registry Review. For more information visit www.thewarrengroup.com.