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Region’s home sales down in January; prices up

By Lee Howard

Publication: theday.com

Published March 11. 2014 1:00PM   Updated March 11. 2014 1:07PM

January home sales in New London County bucked an upward trend statewide by declining nearly 11 percent, but prices surged, according to a report released today by a leading New England publisher of business information.

The Warren Group, publisher of The Commercial Record, cited statistics showing the region produced 100 single-family home sales in January, off from 112 during the same month last year. But the median price paid for a home rose to $206,000, a more than 10 percent increase from last year’s number.

Statewide, single-family sales rose 2 percent in January, the ninth consecutive month that Connecticut has posted an increase. It was the hottest January for home sales since 2009, though the median price of a transaction was $230,000 statewide — same as last year.

The modest increase in single-family homes sales for January is smaller than the 6 percent increase that was recorded for the full year of 2013,” said Timothy M. Warren Jr., chief executive of The Warren Group, in a statement. “We expect to see bigger gains once the spring market gets in full swing. I think there is pent-up demand that will drive home sales upward.”

Statewide condominium sales declined by 7 percent in January, and New London County condo transactions were even worse, down 33 percent. The county’s median condo price also was off significantly in January, down from $154,900 last year to $117,750 this year.

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