Connecticut Home Sale Fall 11th Month In A Row

Connecticut single-family home sales fell in June, the 11th consecutive monthly decline, as the median sale price also dropped, according to a report Tuesday.

The number of single-family home sales totaled 3,516, down 7.1% from June 2018, according to The Warren Group, which tracks housing trends in New England. It collects data from land record filings in municipalities in Connecticut.

Homes in New Haven, Conn.
Homes in Quinnipiac River Park in New Haven Conn.Adobe Stock

The median price — where half the sales are above, half below — of single-family homes dipped 0.5% year-over-year, to $280,000.

So far this year, 14,746 single-family homes have sold in Connecticut, down 5.5% from the first six months of 2018. Year-to-date, the median sale price hit $256,000, an increase of 0.4%.

Tim Warren, chief executive officer of The Warren Group, said the real estate market in Connecticut is softening “just as recent data show on a national basis.”

“The big question is whether demand continues to be strong, but the supply of home for sale in all price ranges is scarce,” he said. “Or has the market passed its peak despite a strong economy? Either way, I wouldn’t be surprised to see this trend continue in the coming months.”

Condominium sales in Connecticut increased in June, up 2.3% on a year-over-year basis, with 962 sales. That compares with 940 condo sales in June 2018.

Meanwhile, the median sale price spiked 6.2% on a year-over-year basis to $181,600 compared with $171,000 in June 2018. That’s an eight-year high for the condo market and the number of sales have increased on a year-over-year basis for four consecutive months.

Year-to-date, there have been 4,219 condo sales, a 0.5% decrease from the first six months of 2018, with a median sale price of $165,000, up 0.6%.

“The condo market was a bright spot for the Connecticut housing market last month,” Warren said.

Windham County led the state in the drop in single-family home sales, falling 22.3%. New London County followed, with an 18.3% fall. Only Tolland County posted higher home sales in June, up 12.7%.

Sales of single-family homes in Hartford County fell in June by 4.6%, to 923. The median sale price fell 3.2%, to $237,000.

Posted on nationalmortgagenews.com on 8/1/19.