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Single-family home sales in Connecticut fell 14.25 percent in September from a year earlier, according to a new report by ""the Warren Group"":http://www.thewarrengroup.com, a research firm covering
[IMAGE]New England real estate markets. Condominium sales in the state dropped sharply by 23 percent to the lowest level recorded in September in more than two decades.
With 1,829 single-family homes sold in the state, September marks the first month since February for sales to drop below 2,000. Condo sales slumped from 697 last year to 540 in September.
[COLUMN_BREAK]Third quarter sales were also down. Single-family home sales decreased more than 17 percent to 6,340 from 7,659 during the same quarter last year, the fewest amount of sales recorded in the third quarter since 1990.
""The decrease in home sales is an expected and inevitable pattern we will likely see until at least the remainder of the year,"" said Timothy M. Warren Jr., CEO of the Warren Group. ""It's unfortunate because sales volume had been increasing every month for nine months prior to July. September is the third month in a row when sales decreased from the number posted in the same month in the prior year.""
While year-to-date sales are up compared to the first nine months of 2009, the Warren Group says this is residual from the homebuyer tax credit. A total of 18,951 homes sold in Connecticut from January to September, up 10.1 percent from the same period last year. Year-to-date condo sales jumped more than 8.3 percent to 5,424 from 5,011 during the same period a year ago.
The median price for single-family homes sold in Connecticut is also up. It rose more than 2 percent to $245,000 in September from $240,000 last year. Condo median prices also moderately increased last month to $183,500, up from $182,500 in September 2009.
