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Home | Daily Dose | Connecticut Housing Market Improves
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Connecticut Housing Market Improves

rising-arrows

Connecticut's housing market headed into summer with a promising gain in home sales, reflecting the spoils of an active spring season.

Single-family home sales in the Constitution State totaled 2,799 in June, according to the Warren Group, marking a 5.8 percent increase from a year ago. It was the fourth time so far this year that home sales have performed better annually.

Throughout the entire second quarter, sales totaled 6,679, down nearly 5 percent compared to the year-ago period.

Warren Group CEO Timothy M. Warren Jr. explained that the rise in sales activity was expected as deals made during the spring selling season hit their closings in June, July, and August. Indeed, June sales were the strongest since August 2013, when they came to a total of 2,897.

"The housing market in Connecticut is showing signs of improvement as we see the biggest percentage gain in monthly home sales so far this year," Warren said. "While not robust, the Connecticut real estate market continues to show a solid recovery."

On an annual basis, home prices in the state came down 3.2 percent to a median $276,000. Year-to-date, the Warren Group reports the median single-family price was $250,000 through 2014's first half, a decline of 2.0 percent from 2013.

Shifting the focus to condominiums, the group says condo sales jumped 14.1 percent year-over-year in June, climbing by nearly 100 units to 760 sold. For the first half of the year, condo sales came to 3,067, up 3.8 percent.

While single-family home prices were in decline, condo prices rose. According to the Warren Group, the median selling price for condos in June was 180,000, up 2.9 percent from June 2013, though the year-to-date median was down 1.2 percent to $166,000.

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About Author: Tory Barringer

Tory Barringer
Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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