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Home Sales Up, Prices Down in Connecticut

house-graphdownSingle-family home sales saw a modest uptick in Connecticut in September as prices trended downward for another month, according to a report from the New England-based Warren Group.

Throughout September, single-family home sales statewide totaled 2,340, the Warren Group reported, up 0.4 percent from 2,331 a year ago. It was the sixth month so far this year in which sales have climbed in the Constitution State.

For the third quarter, sales came in at 8,232, a decline of 1.5 percent from the year-ago quarter. Year-to-date, sales were down 1.6 percent at a total of 19,157, the Warren Group reported.

While home sales were up in September, prices were down for a seventh straight month. According to the Warren Group, the median price of a single-family home sold in September was $248,000, a 0.8 percent drop from $250,000 a year earlier. Third-quarter median prices were estimated at $265,000, down 3.6 percent.

While median prices in the state have been on a downward slope for most of the year, the Warren Group's editorial director, Cassidy Murphy, noted "that could change once the new lending regulations fall into place, and buyers are able to afford more."

Trends were also mixed for condominium properties: Condo sales in September posted a substantial gain, jumping 12 percent to 653 units sold, the Warren Group reported. So far this year, condo sales have seen double-digit gains in three months. For the entire quarter, condo sales nudged up by just one, totaling 2,072 compared to last year's 2,071 units sold.

Meanwhile, the median condo sales price fell 4.6 percent, declining to $167,000 from $175,000 last year. For the quarter, the median price was $175,000, a decrease of 4 percent annually.

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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