Evidence of Strengthening CT Housing Market

by Categorized: Residential Real Estate Reports Date:

Two reports today from major real estate companies point to a strengthening housing market in Connecticut.

William Raveis said sales of single-family houses in Connecticut jumped 14.5 percent through the first eight months of the year compared with the same period a year ago. The average sale price rose to $407,210, up 3.1 percent, through August from $395,020 for the same period in 2012.

Months of supply fell to 9.7 months in the same eight month period, compared with 12.1 months in 2012, Raveis found.

In a separate report from RE/MAX of New England Inc., combined sales of single-family houses and condominiums in Connecticut in August soared 15 percent, compared with a year ago.

The number of house and condominium sales in August rose to 4,229 from 3,690 a year ago.

The median sale price — in which half the sales are above, half below — inched up 1.2 percent to $291,000 in August, from $287,000 for the same month a year ago, RE/MAX said.

Pending sales — covering houses and condominiums that are under deposit but not closed — rose 43 percent year-over-year in Connecticut, RE/MAX said.

RE/MAX said inventory — the number of properties on the market — fell nearly 13 percent in August, compared with a year ago.


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