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Connecticut Home Sales Up as Prices Keep Falling

rowofhomesHome sales in the state of Connecticut increased sizably in October, while prices fell year-on-year for yet another month.

Statewide, sales of single-family homes increased 7.0 percent annually in October to a total of 2,379, the Warren Group reported this week. It was the best October sales figure since 2007, when transactions totaled 2,605.

The year-to-date sales total came closer to catching up to last year, coming to 21,546—a decline of less than 1 percent.

"Single-family home sales have picked up some momentum as we head towards the end of the year," said Timothy Warren Jr., CEO of the Warren Group. "In the improving economy, buyers are active and finding prices to their liking, well below pre-recession highs."

The median home price for single-family homes sold across the state in October was $241,600, a decline of 3.4 percent from $250,000 a year earlier. It was the eighth straight month in which median home prices were down, according to the Warren Group.

Condominium sales were also up over the year, posting a 6.0 percent gain to 667. Year-to-date, condo sales were up almost 3.0 percent as of October 31 to a total of 5,816.

The median sales price for condos, meanwhile, was up 2.0 percent year-over-year to $168,000, marking the first annual price increase since June.

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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