Connecticut Median Home Price Doesn’t Budge, Sales Down Slightly According to Warren Group

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RISMEDIA, June 7, 2007-The median price of single-family homes in Connecticut stayed? steady at $270,000 after the first four months of the year, while sales in the same time period fell 2.2%, according to The Warren Group, publisher of The Commercial Record.

While the year-to-date price stayed the same, the median price in April rose 1.9% from $269,900 to $275,000. Year-to-date sales fell 2.2% from 10,138 last year to 9,913 this year. April sales dropped 3.5% from 2,852 to 2,751.

“Connecticut’s housing market is experiencing a correction after years of double-digit price increases,” said Timothy Warren Jr., CEO of The Warren Group. “This is healthy, and I think we’ll start to see sales flatten out even more in the coming months. The rising rate of foreclosures we’re seeing across the country is the dark cloud on the horizon, though. Without that as a factor, I think we would see prices slowly start to inch up again by the end of this year, but foreclosures throw some uncertainty into the mix.”

The state’s condominium market is seeing more dramatic decreases in sales than the single-family home market, but prices continue to rise. Sales dropped 6% from 1,168 in April 2006 to 1,098 this April, and year-to-date sales fell 8% from 4,331 to 3,985.

The median price of condos rose 5.7% in April from $183,000 to $193,500. The year-to-date price increased 4.2% from $187,000 to $194,900.

Statistics for all cities and towns available by request.

For more information, visit www.thewarrengroup.com? or call 800-356-8805.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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