Connecticut Loses Momentum in June with Weak Sales

Weak growth characterized single-family home sales in Connecticut for June, according to a report from ""The Warren Group"":http://www.thewarrengroup.com/. Single-family home sales inched up 0.4 percent after seeing double digits increases in April and May.

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While the gain in June was small, it was still a move in a positive direction and represents the sixth consecutive month of increases.

Year-over-year, single family home sales in June totaled 2,532, up from 2,521 a year ago.

""While it's positive that sales remained about the same as last year, it looks like the market lost some momentum in June. Connecticut home sales are not as strong as in other parts of New England,"" said The Warren Group CEO Timothy M. Warren Jr. ""Hopefully the local consumer confidence combined with low mortgage rates will help the market a great deal.""

On a quarterly basis, second quarter single-family home sales totaled 6,723, an 11 percent increase the first quarter.

Median home prices for single-family homes were down year-over-year, falling nearly 5 percent to $265,000 in June. Secord quarter prices also fell, dropping 4.6 percent to $248,000 from the same quarter a year ago.

""Median prices have continued to decline this year, and the trend is expected to continue until home sales put up stronger numbers,"" said Warren.