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Connecticut Trails Entire Nation on Home Prices in 2014

The Commercial Record

Home prices in Connecticut declined in 2014 more than any other state, according to CoreLogic, the national real estate analysis firm. Connecticut is one of only two states that saw year-over-year price declines in January and its 1.9 percent drop compared to January 2014 was six times the 0.3 percent drop experienced by the other state, Maryland.

Nationally, U.S. home prices, including distressed sales, increased 5.7 percent in January 2015 compared with January 2014. That increased represents 35 months of consecutive year-over-year increase in home prices. But Connecticut is in much worse shape compared to the rest of the nation.  The District of Columbia and 27 states are at or within 10 percent of their price peak and four others reached new highs in the index, which has been compiled since January 1976. But Connecticut prices remain 19.1 percent below their 2006 peak, CoreLogic said. 

In addition, Connecticut was one of five states with the greatest peak-to-current declines – 24.8 percent. Only Nevada, Florida, Rhode Island and Arizona were worse. Connecticut’s single-family market – which has seen flat prices because of too much supply and too little demand – also was evident among the nation’s metro areas. Of the top 100 metro areas tracked by the Census Bureau, 94 showed year-over-year increases in home prices in January 2015. Of the six that didn’t, two were in Connecticut: Bridgeport-Stamford-Norwalk and Hartford.

Click here to read the full article from The Commercial Record. 





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