Single-family home sales in Connecticut were down in November while prices were on the rise, according to new data from The Warren Group.
During November, 2,369 single-family homes were sold, an 8.7 percent drop from the 2,595 homes sold one year earlier. November marked the fourth consecutive month with declining annualized sales. Year-to-date, single-family home sales totaled 31,136 transactions, which was 2.1 percent below the first 11 months of 2017.
However, the median single-family home price of $250,000 marked a 3.1 percent increase from the previous year. The year-to-date median sales price of $260,000 was 4 percent higher than the same period in 2017.
“Falling sales paired with the rising single-family home price continues to highlight the unique relationship between supply and demand in Connecticut real estate,” said Cassidy Murphy, associate publisher and media relations director of The Warren Group.
On the condominium side of the housing market, there were 676 sales transactions in November, down from 715 transactions a year earlier. Year-to-date, condo sales in Connecticut totaled 8,385 transactions, a scant 0.2 percent increase from 2017. But unlike single-family homes, the median sale price for condos fell, taking a tumble to $150,000 from the $160,000 level set in November 2017. Nonetheless, the year-to-date median sale price of $165,000 represented a 1.5 percent increase from the first 11 months of 2017.