Connecticut home sales down in February

Connecticut’s single-family home sales in February dropped by 4.1 percent on a year-over-year basis, according to data from The Warren Group. A total of 1,727 single-family homes were sold in the state during February, compared with 1,800 sold in February 2016, and the median price of a single-family home fell 2.2 percent to $220,000 from $225,000 a year earlier. This marks the lowest median sales price for a February since 2012.

The condominium market also saw sluggish movement: sales were down in February by 8.1 percent, with 454 condos sold, compared with 494 in February 2016. The median sale price for condos in February was $144,500, which is 3.7 percent below the $150,000 level in February 2016. This is the third consecutive February year-over-year decrease for condo median price.

“The Connecticut real estate market is sluggish as sales volume and median prices dipped last month,” said Timothy Warren, CEO of The Warren Group. “A decade ago the median price in February for a single-family home was $275,000. This February it was 20 percent below that peak, just $220,000. Perhaps a strong spring market will get things back on track, but I don”™t see any signs of that yet.”

Separately, CoreLogic reported that February”™s home prices, including distressed sales, in the Bridgeport-Stamford-Norwalk market were down 2.1 percent on a year-over-year basis and down 1.5 percent from January. This was a significant difference from the national trend, which saw a 7 percent year-over-year increase and a 1 percent month-over-month increase in home prices.