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CT Home Prices Continue Decline As June Sales Volume Slows

The Warren Group

Data from the Warren Group show that single-family home prices across the state continue to decline as sales volume slowed in June. While sales volume had increased in April and May when compared to last year, sales volume remained virtually the same at 2,532 home sales in June 2012 compared to 2,521 sales in June 2011, a 0.4% increase. Sales prices for single-family homes continued their decline, dipping down to a statewide median of $233,000 for the 2012 year-to-date (YTD), down 5.6% from last year at this time ($246,750).

While sales volume showed YTD increases in seven of the state’s counties, it was an even split in June alone, with four counties posting increases in sales volume and four posting declines. The YTD median sales price is up in three counties, while the June median price showed an uptick in just one county.

As expected, Fairfield County continues to post the highest median sales price for both the YTD and the month: the YTD median was $447,250, down 8.4% from the previous year while June’s median was $549,000, down 4.6% from a year ago. The median sales price in Middlesex County comes in a distant second, at $268,000 for June and $253,700 for the YTD. Windham County continues to struggle with a YTD median of $147,000, although the June 2012 median price of $165,000 was 6.1% higher than June 2011.    

Sales volume was dominated by Fairfield (740 June sales, 2842 YTD sales), Hartford (631 June sales, 2802 YTD sales) and New Haven Counties (520 June sales, 2353 YTD sales), which together accounted for 75% of June sales and 73% of sales in 2012 thus far. Sales activity was the slowest in Windham County, with just 84 sales in June, while the remaining four counties ranged between 123 and 171 June sales.

Click here for the article from The Commercial Record.


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