Connecticut House Sales Jump In August But Prices Didn’t Follow

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Sales of single-family houses in Connecticut rose 12 percent in August, compared with a year earlier, but the median sale price was flat in the same period, according to a new report this morning.

The volume of sales was the highest for the month of August since 2009, The Warren Group reported. The median sale price was unchanged, at $255,000, compared with August, 2011.

“Even though we are comparing to a slow market in 2011, the 12-percent increase is a promising indicator,” said Timothy M. Warren Jr., CEO of the real estate tracking company.

Warren noted that in past housing recoveries price increases have followed a build-up of sales.

“Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery,” Warren said.

While sales have been rising monthly for most of 2012 on a year-over-year basis, the median price has yet to establish a clear trend. The median has been up, down and flat, according to The Warren Group.

All counties, except New Haven, saw a double-digit increase in sales in August, with New London registering a 26-percent increase compared with a year ago. New Haven lagged considerably, sales rising just 1.6 percent.

Even though the statewide median sale price was flat, the median rose in five of the state’s eight counties. The biggest increase came in Litchfield, at 3.4 percent, rising to $214,500 from $207,459.

In Hartford County, house sales in August rose 12.8 percent, to 668 from 592 a year earlier. The median price dipped 1.3 percent, to $226,975 from $230,000 a year ago.

Declines in the median price does not necessarily mean that all properties are losing value. Values can vary widely from town to town and neighborhood to neighborhood.

Sales of condominiums also picked up, rising 15 percent in August, compared with a year ago. The median sale price slid 11 percent, to $160,000, from $180,000 a year ago.

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3 thoughts on “Connecticut House Sales Jump In August But Prices Didn’t Follow

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