Connecticut Home Sales Rise In March But Prices Retreat

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Home sales in Connecticut moved upward again in March, but prices reversed direction, slipping for the first time since the fall of 2012, a new report today shows.

The median sale price of a single-family house fell by 8.2 percent in March to $225,000, from $245,000 in the same month a year ago, according to the monthly housing report from the Warren Group, which tracks real estate trends.

The decline in the median price — in which half the sales are above, half below — was the first on a year-over-year basis since September, 2012.

Sales rose a modest, 3.2 percent in March to 1,583, the eleventh monthly increase in a row.

Through the first three months of this year, sales are up 2.9 percent and the median price is down by 2.1 percent, Warren Group reported.

Timothy M. Warren Jr., chief executive of Warren Group, said Connecticut home sale market is still on track in its modest recovery from a deep housing recession, despite the price decline.

“The continued increase in the number of single-family homes is evidence that the market continues to recover,” Warren said.

One month of a price decline wasn’t cause for concern, he said.

“That makes it an aberration of the data and not the start of a new trend,” Warren said.

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