RISMEDIA, October 7, 2010—Sales of single-family homes in Connecticut fell 14.9 percent in August compared to a year earlier, dropping to the lowest level of sales recorded for the month in more than two decades, according to a new report by The Warren Group, publisher of The Commercial Record.
A total of 2,218 single-family homes sold in August, down from 2,607 a year earlier. Home sales also dropped from a month ago – 2,306 sales were recorded in July. August marked the second month in a row that sales fell below 3,000. June was the only month so far this year when sales surpassed 3,000.
So far this year, 17,133 homes have sold in Connecticut, up 13.6 percent from 15,078 sales during the same period last year.
“Home sales have dropped all over the country in the aftermath of the homebuyer tax credit, and Connecticut is no exception,” said Timothy M. Warren Jr., CEO of The Warren Group. “We are going to have to see improved consumer confidence and employment figures before we see an improved real estate market.”
Connecticut condominium sales also declined in August. Condo sales were down 26.6 percent from a year ago, dropping to 551 from 751 in August 2009. Sales also decreased from July, when 576 transactions were completed. Condo sales have been all over the board this year, beginning at 389 sales in January and peaking at 1,030 in June. Year-to-date condo sales, however, are up 13.3 percent to 4,888 from 4,314 during the same period last year.
Sales of single-family homes and condominiums were down in every county; expect Fairfield County where 693 home sales were recorded in August. That’s up 9.1 percent from August 2009, when 635 single-family homes sold. In August, 183 condos sold in Fairfield County, up 15 percent from 159 sales during the prior year.
The median price for single-family homes sold in Connecticut rose just above 7 percent to $272,250 in August from $254,000 during the same month last year. This is the highest median price recorded so far this year. Prices have not been this high since August 2008, when the median sale price was $289,900. The year-to-date median home price is $250,000, 2 percent higher than $245,000 recorded a year ago.
Tolland and Windham Counties were the only areas of the state where the median home price declined in August. Both regions experienced declines of just below 3 percent.
The median selling price for condos in August increased 6.9 percent to $193,000, up from $180,500 in August 2009. The year-to-date median condo price is up almost 2.4 percent to $180,190 from $176,000.
This is also the highest median price recorded for condos so far this year. The last time prices for condos exceeded $190,000 was in October 2008, when the median price recorded was $192,500.
