June 28, 2018

CT May home sales, prices slowed

HBJ File Photo
HBJ File Photo

Connecticut home sales and prices faltered in May, a new survey shows. Condos, meanwhile, continue to show resilience.

There were 3,094 single-family dwellings sold statewide last month vs. 3,301 sold in May 2017 -- a 6.3 percent decline, The Warren Group, Boston publisher of The Commercial Record said Thursday.

Meanwhile, the year-over-year median single-family home price posted its first drop in eight months -- down.2 percent, to $250,000, same price as in April, Warren Group said. Year-to-date, single-family home sales totaled 11,692 transactions with a median sale price of $245,000.

"The stumble in May seems to be part of the the pattern we are seeing in Connecticut for the past year or two," CEO Timothy Warren said. "It is a bumpy road with ups and downs, none very large. The good news is that when we compare the first five months of 2018 with the same period last year, we see a 4.3 percent gain in the median price."

In the condo market, sales statewide fell 4.9 percent to 834 closings in May vs. 877 a year earlier. However, their median price rose 2.9 percent year-over-year to $170,250 from $165,000 a year earlier. Year-to-date, condo sales totaled 3,282 transactions with a median sale price of $160,000.

"This is the second consecutive May that condo sales have exceeded 800 transactions," Warren said. "The last time May condo sales exceeded this mark was in May 2008, which is a telling indicator that buyers continue to look at condos as preferred housing options."

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