Home / Daily Dose / Single-Family Home Sales Drop in Connecticut
Print This Post Print This Post

Single-Family Home Sales Drop in Connecticut

home-for-sale-signSingle-family home sales declined in Connecticut by nearly 6 percent year-over-year in August, according to the Warren Group, publisher of the Commercial Record.

The Warren Group released a report Tuesday stating that 2,735 single-family homes were sold in Connecticut in August, a decline from 2,898 in August 2013. It was the third month in 2014 in which single-family home sales declined year-over-year in Connecticut, according to the Warren report.

Year-to-date, the Warren Group reported single-family home sales of 16,805 in Connecticut for January through August 2014, a drop from 17,128 from the same period in 2013.

"The real estate market in Connecticut is slumping a bit at the moment," Warren Group CEO Timothy M. Warren, Jr. said. "Single-family home sales and prices have fallen in the first eight months of the year with each posting declines of 2 to 3 percent. Last year, we saw gains of 6 to 8 percent. The recovery in the real estate market has stalled, and prices remain 12 percent below their highest levels in 2007."

Home sales were not the only category where there was a year-over-year decline in Connecticut, however. The median price of single-family homes dropped by 5.3 percent from $285,000 in August 2013 to $269,000 to August 2014.

Median home prices year-to-date were also down in Connecticut for January through August 2014, when a decrease of 3 percent down to $258,000 was reported. The median home price for January through August of 2013 was $265,000, according to the Warren Group.

Condominium sales fell 4.2 percent year-over-year in August in Connecticut from 684 to 655, according to the Warren Group. Condo sales year-to-date increased by 1 percent from 4,442 for January through August 2013 to 4,487 for the same period in 2014.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
x

Check Also

Fixer-Uppers Remain Viable Option for Cash-Strapped Buyers

Buying a fixer-upper remains a viable option for many buyers trying to stretch their dollar ...