Rising Prices Drive Down Connecticut Sales in April

April home sales in Connecticut dropped on a yearly basis for the third straight month as prices continued to ascend, the ""Warren Group"":http://www.thewarrengroup.com/ reported.

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Statewide, April saw 1,923 single-family home sales in April, down 2.5 percent from April 2012; however, the figure was still the highest so far this year, surpassing the 1,507 sales recorded in March.

Year-to-date, total sales were 5,966 as of April, down 3.6 percent from the first four months of 2012.

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""There is high demand this spring, which is causing this pattern of rising prices,"" said Warren Group CEO Timothy Warren Jr. ""Nevertheless, sales volume is down which means that buyers and sellers are missing market opportunities.""

The median price for a single-family home sold in April was $250,000, a 9.2 percent improvement over last year. The median selling price from January through April was $237,000, a 7.7 percent increase over January-April 2012.

""The housing market continues to improve, but could be hindered if rising prices cause an affordability issue. Seven consecutive months of price increases is slightly concerning,"" Warren said.

Statewide condominium sales increased for the first time since January, rising 4.7 percent year-over-year to 532. A total of 1,647 condo sale transactions were recorded in the first four months of the year, an annual increase of only 0.1 percent.

The median condo sales price also rose in April. According to the Warren Group, prices were up 13.9 percent to $174,000. The year-to-date condo price was up 3.2 percent to $162,000.