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Connecticut Home Sales Rising, Prices Still Falling

Home sales in Connecticut rose on an annual basis in March for the third month in a row, according to data recently released by ""The Warren Group"":http://www.thewarrengroup.com/.

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The same report revealed that single-family home sales in Connecticut rose on a quarterly basis for the first time since the second quarter of 2010.

Single-family home sales rose more than 5 percent in the first quarter of this year to 4,157 from 3,950 in the same quarter last year.

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Conversely, median prices declined 6.5 percent over the first quarter of the year in Connecticut, slipping from $230,000 in the first quarter of last year to $215,000.

The median home price for the month of March was slightly higher - $221,950, according to The Warren Group. This is down from $225,000 in March 2011.

While Connecticut's median price for the quarter is the lowest the state has seen since 2003, ""Timothy M. Warren Jr."":http://www.thewarrengroup.com/about-us/management/, CEO of The Warren Group said, ""In studying patterns of previous housing slumps and recoveries, I'm not surprised median prices are continuing to drop.""

Warren suggests home sales will continue to rise for several more months before prices begin to follow.

On the other hand, ""After six consecutive quarters of depressed home sales in Connecticut, it's encouraging to see a modest increase,"" Warren stated.

While single-family home sales increased year-over-year in March, condominium sales declined by 10 percent. Connecticut recorded 430 condo sales in March.

However, condo prices increased 1.4 percent year-over-year in March and now stand at $161,750.

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.
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