Median single-family home price reaches 10-year high for month of September
Oct. 30, 2018 (PEABODY, MA) – Single-family home and condominium sales in Connecticut decreased last month on a year-over-year basis as the median single-family home price reached a 10-year high, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2,608 single-family homes were sold in Connecticut in September, compared to the 2,916 homes sold in September 2017 – a 10.6 percent decrease. Meanwhile, the median single-family home price increased 7.1 percent to $257,500 – the highest price achieved for the month of September since 2008. Year-to-date, single-family home sales totaled 25,871 transactions, a 1.4 percent decrease from the first nine 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 10-year high for the month of September, as a constrained inventory across the state continues to push prices higher on a year-over-year basis,” said Timothy Warren, CEO of The Warren Group. “The decline of 10.6 percent in single-family sales value in September is the sharpest drop in any month since July 2016. I wonder if prices have climbed to the point where fewer and fewer buyers are able to purchase a home.”
The number of condominium sales in Connecticut decreased on a year-over-year basis, falling 5.9 percent in September with 730 transactions, down from 776 transactions a year earlier. The median sale price for condos also declined, edging 0.6 percent lower on a year-over-year basis to $162,700, down from $163,750 in September 2017. Year-to-date, condo sales totaled 6,863 transactions with a median sale price of $167,000 – a 2.1 percent increase from the first nine months of 2017.
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