Connecticut Home Sales Up in August, Median Price Falls

Connecticut home sales improved in August, while the state's median sales price told a different story, a report from ""The Warren Group"":http://www.thewarrengroup.com revealed.

[IMAGE]

Single-family home sales totaled 2,583, an 11.9 percent increase from August 2011. The August total is also the fourth consecutive month sales stayed above the 2,000 mark.

Year-to-date, Connecticut home sales have improved 12.9 percent with 16,217 sales compared to 14,363 from January to August in 2011.

[COLUMN_BREAK]

""Strong home sales have shown once again that the housing market's future looks promising,"" said The Warren Group CEO Timothy M. Warren Jr. ""Even though we are comparing to a slow market in 2011, the 12 percent increase is a promising indicator.""

Activity for the median sales price of single-family homes was unchanged in August, remaining at $255,000.

Year-to-date, the median price dropped, falling 4 percent to $240,000 compared to $250,000 during the same period a year ago.

Warren focused on the potential positive outcome from the falling home prices, stating, ""In past housing market recoveries, we've seen sales volume increase before prices followed. Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery.""

Connecticut condominium sales in August improved to the highest level so far this year, increasing 15 percent with 649 sales compared to 564 a year ago.

Year-to-date condo sales are higher by 5.8 percent compared to the same period last year.

The median sales price of condos also fell despite the increase in sales. The median sales price for Connecticut condos declined 11 percent to $160,000 in August, down from $180,000 a year ago.

The year-to-date median price decreased 8.6 percent from $175,000 a year ago.