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For the first time in more than a year, Connecticut’s home sales recorded a decline in April.
The Warren Group, publisher of The Commercial Record, released a report today that showed a nearly 8 percent decline in single-family home sales in April compared with the same month last year. The $245,000 statewide median home price in April reflected a 2 percent decline over the same period.
Connecticut condominium sales also slumped in April by 7 percent compared with the same month in 2013, though they are up year-over-year. Statewide condo prices fell 7 percent in April to $160,000.
“The real estate market has been unable to maintain the forward progress and momentum that it enjoyed in 2013,” said Timothy M. Warren Jr., chief executive of The Warren Group, in a statement. “This reflects a stubbornly weak recovery from the Great Recession.”
Warren said two major factors likely contributed to the decline: a long, tough winter that cut down on home showings and rising mortgage rates that raised costs. April’s home-sales decline – the first since March 2013 -- was substantial enough to push year-to-date closings into negative territory when compared with 2013’s numbers, but Warren said it is too early to know whether current sluggishness will continue throughout the year.
“We’ll have to wait for the summer months to gauge sales during the big spring selling season,” he said
Despite the statewide real estate sales weakness, New London County saw an increase of 7 percent in single-family home sales. But the median sale price took a flop to $188,500 — down more than 12 percent.
The region’s condo sales were flat, but the median price of $104,000 was off more than 22 percent from a year ago.