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Housing Activity Stays Flat in Connecticut

house-graphdownHome sales in Connecticut barely nudged up in July, marking the fifth annual increase in what has so far been a mild year for the state.

According to data released this week by the Warren Group, single-family home sales in the Constitution State totaled an estimated 3,152 in July, an increase of 0.7 percent over the same month last year.

Though meager, the Warren Group reports July transactions were the strongest for any month since June 2010, which saw 3,400 sales.

Year-to-date, 14,059 homes have been sold in the state, a decrease of 1.2 percent from the first seven months of 2013.

"The market seems to be recovering, but not rebounding to new highs," said Timothy M. Warren Jr., CEO of the Warren Group. "If mortgage rates remain low and home prices reasonable, I expect we will end the spring selling season in a positive way."

Compared to last July, single-family home prices in the state were down 3.9 percent to a median $275,000. The decline marks the fifth straight month of yearly declines in home prices.

The year-to-date median sales price in July was $255,000, a drop of 2.7 percent from last year.

The drop represents a step backward for a state in which only 12 towns last year had a median sales price higher than their pre-recession high, Warren said.

Looking at condominium activity, sales fell nearly 5 percent year-over-year to a total of 763, the Warren Group reported. Even with the decline, year-to-date sales were up nearly 2 percent to 3,829.

Meanwhile, the median sales price of condos fell 2.7 percent on an annual basis, coming to $180,000. Year-to-date, the median price was down only slightly, dipping $100 to $169,900.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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