Connecticut Home Sales and Prices on the Rise: Report

The median price for single-family homes in Connecticut climbed more than 6 percent in January compared to a year earlier, while sales increased for the fourth[IMAGE]consecutive month, according to a report last week from ""the Warren Group"":http://www.thewarrengroup.com, which tracks the New England real estate markets.

The median price for single-family homes sold statewide in January rose 6.2 percent to $238,900, up from $225,000 in January 2009. It was the second month in a row that median prices increased year-over-year and a sharp contrast to the start of last year when home prices were

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falling by 25 to 35 percent. There were 1,277 single-family home sales recorded in Connecticut in January, up 19.5 percent from 1,069 a year earlier.

""Connecticut's housing market has been steadily improving over the last several months,"" said Timothy M. Warren Jr., CEO of the Warren Group. ""January was the third straight month that sales increased year-over-year by double-digit percentages. Still, the big unknown is whether home sales will continue to increase when the homebuyer tax credit expires and the Federal Reserve stops purchasing mortgage-backed securities.""

Fairfield County led the state with significant gains in sales volume and prices. The county's home sales surged almost 60 percent in January, while the median home price shot up 30 percent to $485,000.

Hartford County was the only area of the state to see prices dip in January. The median home price slipped 4.7 percent to $200,000.

Like single-family home sales, condo sales transactions increased statewide in January. Sales jumped 12.5 percent to 395 from 351 in January 2009, marking four straight months of double-digit percentage increases in year-over-year sales. The median condo price in January, $185,000, was unchanged from a year earlier.