Home sales were hot in August
Editor's note: This version corrects the number of single-home sales in August.
Connecticut homes were selling like ice cream in August.
Numbers released Wednesday by The Warren Group, publisher of The Commercial Record, showed that more single-family homes passed hands during the late-summer month than in any August since 2007. August's sales numbers represented a nearly 10 percent increase over the number of closings seen during the same month last year.
And August's median sales price of $285,000 statewide was the highest of the year. It was the 11th straight month of rising median prices statewide, but Timothy M. Warren Jr., chief executive of The Warren Group, warned that the tide could be shifting.
"While the market has proved to be strong so far this year, there is much concern over how the government shutdown will impact the overall economy," Warren said in a statement.
In New London County, August numbers were only moderately higher with sales rising less than 3 percent. Median prices also rose to $225,000, another moderate increase of 3 percent.
So far this year, sales in the region are up a fraction of 1 percent, and the median price of $222,000 is slightly less than seen last year.
Statewide, August produced the second highest number of sales for any month this year. Sales numbers throughout Connecticut are up 4 percent so far this year compared with 2012.
"We're already seeing how the seasonality affects the market, with sales dropping in August compared to July, and this will probably continue in the fall and winter months," Warren said.
August numbers for condominium units sold also were strong, the highest since 2009. Statewide, sales rose 3 percent and the median price zoomed up nearly 16 percent.
In New London County, sales of condos dropped slightly, but prices climbed an astounding 73 percent. The median price paid for a condo in August was $220,000 this year, compared with $127,000 last year.
Statewide, the median condo price so far this year is $172,500. That's a more than 7 percent increase from the median of $161,000 a year ago.
|August real estate sales|
|Single-home median price||$218,250||$225,000|
|Condominium median price||$127,000||$220,000|
|Source: The Warren Group|
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