Single-family home sales in Connecticut rose 2.0 percent in January, according to a new report from The Warren Group [1]. The month-to-month gain in January marks the ninth consecutive month of home sale increases for the state.
1,435 single-family homes sold in the month of January, up from 1,401 sales in January, 2013, which was the highest volume of sales recorded than any other January since 2009.
"The modest increase in single-family homes sales for January is smaller than the 6.0 percent increase that was recorded for the full year of 2013," said Timothy M. Warren Jr., CEO of The Warren Group. "We expect to see bigger gains once the spring market gets in full swing. I think there is pent-up demand that will drive home sales upward."
Spring is expected to provide relief for many sellers across the nation [2], who are looking forward to warmer climates to fuel increased home sales.
Median home prices remained stagnant, holding tight at $230,000, the same median price from January, 2013.
"Median prices have remained flat on a year-over-year basis for three months in a row now," Warren said. "Higher interest rates may be holding down recent price increases. In 2013 median prices rose 8.3 percent."