Connecticut home sales increase for ninth consecutive month
Single-family home sales in Connecticut rose 2% in January, according to a new report from the Warren Group, publisher of The Commercial Record. This marks nine consecutive months of home sale increases in the Nutmeg State.
There were 1,435 single-family homes sold in the month of January, up from 1,402 in January 2013. More home sales were recorded in January of this year than any other January since 2009.
"The modest increase in single-family homes sales for January is smaller than the 6% increase that was recorded for the full year of 2013," said Timothy M. Warren Jr., CEO of Warren Group.
"We expect to see bigger gains once the spring market gets in full swing," Warren said. "I think there is pent-up demand that will drive home sales upward."
Media sales price is flat
The median price for Connecticut single-family homes sold in January was reported at $230,000, unchanged from January 2013. The median price means half of all sales were for a higher amount and half were for a lower amount.
"Median prices have remained flat on a year-over-year basis for three months in a row now," Warren said. "Higher interest rates may be holding down recent price increases. In 2013, median prices rose 8.3%."
Condo sales and prices decline
Condominium sales in the state during January fell by 7%, with 387 recorded sales, down from 417 in January 2013.
Condo median prices also fell slightly in January. The median price decreased by less than half a percent to $162,500, compared with $163,000 in January 2013.
About the Warren Group
The Warren Group, based in Boston, is the publisher of The Commercial Record, Banker & Tradesman, and a series of association publications. It also sells products and services involving real estate data and financial information. Learn more at www.thewarrengroup.com.