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Connecticut posts strong home sales, lower prices in March

By Lee Howard

Publication: theday.com

Published May 08. 2014 12:20PM   Updated May 09. 2014 12:24AM

For the 11th consecutive month, Connecticut home sales were on the rise in March.

The Warren Group, publisher of The Commercial Record, said single-family home sales statewide rose 3.2 percent in March compared with the same month a year previously. But the median price of a single-family home fell to $225,000 in March compared with $245,000 in the same month last year.

That’s an 8.2 percent decrease in home prices

“The continued increase in the number of single-family homes is evidence that the market continues to recover,” said Timothy M. Warren Jr., chief executive of The Warren Group, in a statement. “The modest decline in median prices in March is the first decline the state has seen since June 2012. That’s makes it an aberration of the data and not the start of new trend.”

The median price of a condominium also fell in March, from $160,000 last year to $154,500 this year. But condo sales strengthened, up 8.1 percent during the month compared with March 2013.

In New London County, single-family home sales were up 8.5 percent in March compared with the same month last year. But the median price paid of $198,000 represented a 4.4 percent decrease during the same period.

So far this year, however, the region’s median sales price of $199,000 represented a slight increase from first-quarter prices seen last year.

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