May 1, 2018

CT’s March used-home prices hit 5-yr high

HBJ File Photo
HBJ File Photo

Connecticut's used homes and condos posted their biggest median-price leap in five years in March amid a decline in sales, a housing-market tracker says.

The median for a single-family home in this state rose 7.8 percent in March to $248,000 vs. $230,000 a year earlier, according to the latest report Tuesday from The Warren Group, Boston publisher of The Commercial Record.

The Greater Hartford Association of Realtors recently reported a similar trajectory in median prices for central Connecticut houses in March -- up 7.1 percent to $224,900 vs. $210,000 in March 2017.

"March saw the largest median single-family home price gain since September 2013," said Warren Group CEO Timothy Warren. "Inventory of homes for sale is falling and the tight supply is pushing up the median price. Prices held steady for the past two years, but the most recent two months show remarkable upward movement."

According to Warren Group's statewide survey, 2,012 single-family homes were sold statewide in March, down 9.7 percent from 2,229 homes sold the same month a year earlier.

For condos, their median price spiked in March at $162,500, up 8.3 percent from $150,500 a year ago, Warren Group said. However, condo sales slumped 8.3 percent to 619 units sold in March vs. 675 sold a year ago.

"On a county level, single-family sales declined in every area, while Litchfield was the only county to see an increase in condo sales," Warren said. "Litchfield also saw the largest single-family price gain of 15.8 percent."

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