Home Economy Connecticut home sales up but median prices down in May

Connecticut home sales up but median prices down in May


Single-family home sales in Connecticut were up by 23.9 percent in May, marking the seventh consecutive month of double-digit percentage increases, according to real estate sales and ownership data firm The Warren Group.

A total of 2,921 single-family homes were sold in the state during the month, compared with 2,357 sold in May 2015 — the highest number of sales in the month of May since 2007, when there were 3,039 homes sold. Year-to-date, sales were up 23.0 percent with 10,913 transactions, compared with 8,872 during the same period a year ago.

The median price of a single-family home dropped by 7.2 percent in May to $246,000, compared with $265,000 a year ago, the largest percentage decrease in median sale price in five consecutive months. Year-to-date, prices have decreased by 1.4 percent to $235,000 compared with $238,307 during the same time a year ago.

Condominium sales also posted a double-digit increase in May, up 14.7 percent with 719 condos sold from May 2015’s 627 sold. Year-to-date, condo sales were up 15.7 percent with 2,871 condos sold, compared with 2,482 during the same period last year.

The median sale price for condos in May rose by 5.8 percent to $172,000 from $162,500 in May 2015, which Warren said was the highest median sale price recorded in eight months. Year-to-date, median condo sale prices fell 0.9 percent to $157,000, compared with $158,500 at the same time last year.

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