August 28, 2018

With CT home sales up, prices rise

HBJ File Photo
HBJ File Photo

Connecticut home sales climbed in July, with their median price approaching a five-year high, new data shows.

There were 3,942 single-family houses sold statewide last month, up 7 percent from 3,686 homes sold in July 2017, according to the latest survey Tuesday from The Warren Group, Boston publisher of The Commercial Record.

Meanwhile, the median single-family home price increased 4.1 percent from a year ago, to $280,000, Warren Group said. The July median price was unchanged from June.

So far this year, single-family home sales overall are flat, at 19,517 transactions, Warren Group said. Yet, their year-to-date median sale price of $260,000 is 4 percent higher during the same seven-month period.

"This is only the second time this year that the number of single-family home sales increased on a year-over-year basis," said Cassidy Murphy, associate publisher of The Warren Group. "Connecticut's single-family home inventory is approaching a more balanced market and has had a positive impact on prices."

Connecticut's condominium sales also rose last month, rising 5 percent to 930 closings from a year earlier, Warren Group said. Their median sale price rose 3.7 percent from a year ago, to $175,000. Year-to-date, condo sales are 1.1 percent greater, totaling 5,166 transactions, while the median sale price increased 1.9 percent, to $165,000.

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