October 3, 2018

CT's Aug. home prices hit 5-yr. high

HBJ File Photo
HBJ File Photo

Connecticut's median home price hit a five-year high in August despite a sales decline, new data shows.

Single-family sales fell 4.2 percent in August, to 3,701 units vs. 3,864 units sold the same month in 2017, according to Boston business publisher The Warren Group.

Meanwhile, the median price for those sold units rose 2.4 percent, to $271,500 – the best since Aug. 2013, said Warren Group CEO Tim Warren.

In the statewide condominium market, August sales rose 3.8 percent to 956 deals -- a high for this year -- vs. 921 a year earlier. Their median sale price that month set a highwater market for the year, at $177,950.

Through the first eight months of this year, used-home sales totaled 23,234 units, a 0.4 percent drop from the comparable period last year. Median price, however, has risen 4 percent year-to-date, to $260,000, in the same period.

Year-over-year condos sales grew 4.7 percent in August, to 6,128 deals with a median sale price of $168,125.

".... We can probably expect the price to start edging lower on a month-over-month basis during the remainder of 2018," said Tim Warren said. "However, if inventory fails to keep up with demand – like we've seen in the last few months – year-over-year price gains could continue for a while longer."

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