Connecticut home, condo sales down in August

Sales of Connecticut single-family homes dipped nearly 6 percent year over year in August, according to a press release by The Warren Group.

A total of 2,735 single-family homes sold in August, compared with 2,898 sales the same time last year. From January through August, sales fell nearly 2 percent year over year, with 16,805 transactions completed compared with 17,128 sales in the same period in 2013.

“Single-family home sales and prices have fallen in the first eight months of the year, with each posting declines of 2 to 3 percent,” said The Warren Group CEO Timothy M. Warren Jr in a press release. “Last year, we saw gains of 6 to 8 percent. The recovery in the real estate market has stalled, and prices remain 12 percent below their highest levels in 2007.”

The median price of single-family homes in the state decreased by 5.3 percent in August, dropping to $269,900 compared with $285,000 in August 2013. In January through August, the median sale price for homes decreased 3 percent year over year, from $265,000 to $258,000.

Connecticut condominium sales dipped 4.2 percent in August compared with the same month last year, from 684 to 655. Condo sales increased 1 percent for the first eight months of the year, jumping from 4,442 in 2013 to 4,487 this year.

The median sale price for Connecticut condos dropped nearly 7 percent in August, to $176,000 from $188,875 last year. The year-to-date median price of condos dropped by 1.5 percent, from $172,500 to $170,000.