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The Warren Group: Connecticut Home Sales are Up

While Connecticut home prices remain flat, The Warren Group's CEO sees hopeful economic signs for the state in the sales data.

 

Home sales in Connecticut jumped nearly 12 percent in August compared to the same month last year, and home sales for the first eight months of 2012 also increased almost 13 percent compared to the same period in 2011, according to a new home sales study from The Warren Report.

A total of 2,583 single-family homes in Connecticut sold in August, compared to 2,308 sales in August of 2011. Year-to-date sales this year are 16,217, compared to 14,363 during the same period a year ago.

This is also the fourth straight month this year in which home sales in Connecticut have surpassed the 2,000 mark, according to the report.

“Strong home sales have shown once again that the housing market’s future looks promising,” said Timothy M. Warren Jr., CEO of The Warren Group.

“Even though we are comparing to a slow market in 2011, the 12 percent increase is a promising indicator.”

Median home prices, however, remained flat in August and even decreased during the first eight months of 2012, the report indicates. The median price of single-family homes statewide in August was $255,000. The median sales price for homes sold January through August decreased 4 percent to $240,000, down from $250,000 during the same period a year ago.

Warren, however, says the lackluster home price data isn’t necessarily a bad thing.

“In past housing market recoveries, we’ve seen sales volume increase before prices followed,” Warren said. “Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery.”

Condominium sales data in the Warren report followed the same track as home sales. In August, condo sales increased 15 percent over the same month last year, jumping to 649 units sold, the highest number of condo sales recorded in any month this year. Year-to-date condo sales are also up 5.8 percent, increasing to 4,090 from 3,864 during the previous time last year.

But the median sale price of Connecticut condos dropped 11 percent in August of 2012 to $160,000, down from last year’s $180,000. The year-to-date median price of condos in Connecticut fell 8.6 percent to $160,000, down from $175,000 a year ago.

Bob Bedard October 14, 2012 at 02:33 PM
Why does anyone print this Crap . All you have to do is look around and be real . I don't care if we have a hundred more sales this week than we did last week . What good is it when the sellers are taken just another beaten on what was suppose to be a investment . Houses aren't being sold they are being given away . It's just like some politician telling us , Ill create a trillion jobs if I'm elected , Really ??? what difference does it make when the majority of them are minimum wage and with less hours a week than provides medical benefits . Or the Casino's trying to make it sound good when they layoff 500 , Oh but 300 of them will have a chance for other jobs from within , Really ? Yea were laying you off your $50K a year job , but we have this really good $25k with no benefits for you . Stop , really stop with the BS stories and when there is something truly good to print then do so . I hate to be a realest but I hate even more to be BS'ed like some idiot and I truly believe most want it straight up as well .
REVMAN October 15, 2012 at 05:47 PM
34 percent increase in foreclosures but Home sales in Connecticut jumped nearly 12 percent in August makes sense to me 12 out 100 buy a house but 34 out of 100 lose their house,waite QE3 is on the way not to worry every will be able to get a mortage(maybe)if not the banks get to keep the $40 billion per month.

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