Single-family home sales in Connecticut [1] increased year-over-year in March, marking the 11th consecutive annual increase, according to the Warren Group [2]. Meanwhile, the state’s median home price experienced its first downward slide since June 2012.
Prices slipped 8.2 percent year-over-year in March, sliding down from $245,000 to $225,000. March’s decline made for a 2.1 percent price decline for the first quarter in Connecticut.
However, Timothy M. Warren Jr., CEO of the Warren Group, called March’s price drop “an aberration of data and not the start of a new trend.”
“The continued increase in the number of single-family homes is evidence that the market continues to recover,” he said.
Sales of single-family homes increased 3.2 percent over the year in March and 2.9 percent over the first quarter.
March single-family home sales totaled 1,583, and single-family home sales over the first quarter totaled 4,198.
Condominiums followed a similar trend as single-family homes in Connecticut in March – with prices falling and sales rising.
Connecticut’s condo sales increased 8.1 percent over the year in March and 4.9 percent in the first quarter compared to the same quarter a year ago.
Condo sales totaled 442 in March, and the median price for those condos was $154,000, down from $160,000 in March of last year, according to the Warren Group.