Connecticut Housing Report Positive Sign In Market Looking For One

A new housing report showed combined sales of single-family houses and condominiums across Connecticut soared nearly 18 percent in July compared with a year earlier, and the median sale price rose more than 5 percent.

That was welcome news after combined, year-over-year sales were flat in June and the median price slid more than 4 percent, according to reports from RE/MAX of New England.

The median price — where half the sales are above, half below — rose to $302,094, from $286,500 a year earlier. Sales volume jumped to 3,301 in July, from 2,808 for the same month a year ago.

In a housing recovery, sales typically begin increasing, followed by prices as the number of properties on the market begins to shrink.

Statistics from RE/MAX suggest that trend may be gathering momentum, although several consecutive months are needed to establish a trend.

Pending sales of houses and condominiums in Connecticut jumped 45 percent, and the inventory of residential properties contracted by nearly 20 percent. Not all pending sales will close, however, with as much as 30 percent falling through because financing is not approved or inspections uncover problems.

RE/MAX combines single-family houses and condominiums in its reports. Reports from the Warren Group and the Greater Hartford Association of Realtors separate the categories.