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CT's median home price hits 5-yr. high

BY Gregory Seay

7/31/2018
HBJ File Photo
HBJ File Photo
Connecticut home sales fell in June but the median price for those that sold last month hit a five-year high, a new sampling shows.

Single-family home sales dropped 4.4 percent last month to 3,753 units vs. 3,927 sold in June 2017, according to the latest report Tuesday from Boston publisher The Warren Group.

Meanwhile, the median price for those dwellings rose nearly 3 percent, $280,000 – the highest June median price since 2013. Median price means half the dwellings sold for more, the rest for less.

"Hitting a five-year high is encouraging, but we need to keep in mind that the market has still not hit its pre-recession peaks,'' said Warren Group CEO Timothy Warren. "In June 2007 the median price was $325,000, and back in June 2004, the number of homes sold was 5,200. Both are substantially higher than the numbers achieved this year."

Among condos, their sales fell 3.6 percent in June, to 937 units vs. 972 a year earlier. Their median price, however, flattened last month, down 2.3 percent, to $171,000 vs. $175,000 a year ago.