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January 8, 2020

CT Nov. home sales up 5%; prices rise 3.2%

Photo | Contributed A Southington home built by Lovley Development Inc.
By Joe Cooper

Connecticut’s home buying market received good news Wednesday as a new report found that home sales in the state jumped by nearly 5 percent in November, while prices also rose 3.2 percent.

Sales of single-family dwellings in November increased 4.9 percent to 2,490 compared to 2,373 the same month last year, Boston publisher The Warren Group said.

Meanwhile, the median price for houses also climbed to $258,000 vs. $249,744, Warren Group CEO Tim Warren said. That marks a 12-year high for the month of November, he said.

For the year, the statewide home-sales tally is still down 2.1 percent, at 30,492 units. Median sale prices, however, were a half-percent higher than a year ago.

Warren said the figures mark “another notable gain” for the state.

“This is now the fifth consecutive month that the median single-family home price has increased on a year-over-year basis,” he said. “However, this should be taken with a grain of salt. During the first half of 2019, the median sale price only increased in May.”

He continued: “So with the recent streak of increases, the median sale price is still relatively on par with where it was in 2018 on a year-to-date basis.”

In the condo-townhome market, November sales increased 4.1 percent from a year earlier, to 706 transactions vs. 678 recorded in Nov. 2018.

Their median price jumped 13.3 percent on a year-over-year basis to $170,000 vs. $150,000 in the same month last year. That also marked a seven-year high for median condo sale prices in November.

For the first 11 months of 2019, there were 8,324 condo sales, a 0.8 percent decrease from the same period of 2018, with a median sale price of $166,000, a 0.6 percent decrease.

“November condo sales were up 4.1 percent and they exceeded 600 units sold for the third year in a row,” Warren said. “The 13.3 percent jump in the November condo median price is the biggest spike we have seen in any month since 2013.”

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