Sales of single-family homes and condominiums in Connecticut declined during August, according to data from The Warren Group, publisher of The Commercial Record.
Last month, single-family home sales across the state totaled 3,474 transactions, a decrease from August 2018 when there were 3,711 transactions. This marked the lowest level of transactions in the month since August 2015. But while sales were down, prices were up: the median single-family home price increased by 2.9 percent on a year-over-year basis to $280,000 – a six-year high for the month of August. Year-to-date, there have been 22,147 single-family home sales in Connecticut, down 4.8 percent from the same period in 2018, while the median sale price hit $265,000, a 1.9 percent increase from one year earlier.
“Single-family home sales have been down every month in 2019 on a year-over-year basis,” said Tim Warren, CEO of The Warren Group. “With the last full month of the summer housing market behind us – which is historically the busiest time of the season – I don’t expect this trend to reverse during the remainder of 2019.”
In the Connecticut condominium market, the 861 transactions total represented a 10.1 percent drop from the 958 sales recorded in August 2018. The median sale price was also in decline, slipping to $170,000 from $178,000 in August 2018. Year-to-date, there have been 6,033 condo sales, a 1.7 percent decrease from the first eight months of 2018, while the median sale price of $165,000 was a 2.3 percent decrease from one year earlier.
“Condo sales for the month of August saw the biggest year-over-year decline since 2010,” Warren said. “Last month, condo activity was more or less on par with where it was in 2018, but the performance in August resulted in a significant backslide.”