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Home Sales, Prices Continue to Decline in Connecticut

house-graphdownSingle-family home sales declined in Connecticut by nearly 6 percent year-over-year in August, according to the Warren Group.

The Warren Group reported Tuesday stating that 2,735 single-family homes were sold in Connecticut in August, a decline from 2,898 in August 2013. It was the third month in 2014 in which single-family home sales declined year-over-year in Connecticut, according to the Warren report.

Year-to-date, the Warren Group reported single-family home sales of 16,805 in Connecticut for January through August 2014, a drop from 17,128 from the same period in 2013.

"The real estate market in Connecticut is slumping a bit at the moment," said Warren Group CEO Timothy M. Warren Jr. "Single-family home sales and prices have fallen in the first eight months of the year with each posting declines of 2 to 3 percent. Last year, we saw gains of 6 to 8 percent. The recovery in the real estate market has stalled, and prices remain 12 percent below their highest levels in 2007."

Home sales were not the only category where there was a year-over-year decline in Connecticut, however. The median price of single-family homes dropped by 5.3 percent from $285,000 in August 2013 to $269,000 to August 2014.

Median home prices year-to-date were also down in Connecticut for January through August 2014, when a decrease of 3 percent down to $258,000 was reported. The median home price for January through August of 2013 was $265,000, according to the Warren Group.

Condominium sales fell 4.2 percent year-over-year in August in Connecticut from 684 to 655, according to the Warren Group. Condo sales year-to-date increased by 1 percent from 4,442 for January through August 2013 to 4,487 for the same period in 2014.

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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