Housing Report Has More Positive Signs For CT Housing Market

Connecticut’s housing market logged more positive signs at the end of 2012: properties under deposit rose for the fourth quarter in a row, closed sales of single-family house grew at a double-digit pace and the inventory of homes continued to shrink.

But a new report today from Prudential Connecticut Realty showed the median sale price of a single-family house in the fourth quarter was still down, but by just one percent, compared with a year ago.

The median price was $247,500, compared with $250,000 for the same period in 2011.

In a typical housing recovery, sales increase first, followed by prices.

Prudential said the gains at the end of last year bode well for 2013.

Closed sales of single-family houses rose 16 percent in the fourth quarter, compared with a year ago. Condominium sales also were up, by 9.2 percent.

Both single-family and condo deposits rose, 14 percent and 17 percent, respectively, compared with a year ago.

“While not all transactions ultimately end up in closed sales, it is estimated that 7 out of 10 end up as successful sales,” the report noted. “This has been consistently true through the past few years.”

See Prudential’s full report here.