Home sales on the rise in Connecticut

Sales of single-family homes are up in Connecticut, according to a recent report from The Warren Group, a research company that provides market reports and business solutions.

In January, single-family home sales rose 2 percent, which is the highest recorded increase compared with any other since January 2009. The report showed that 1,435 single-family homes were sold in January, up from 1,402 during the same time last year. This is the ninth consecutive month home sale have been rising throughout the state.

“The modest increase in single-family homes sales for January is smaller than the 6 percent increase that was recorded for the full year of 2013,” said Timothy M. Warren Jr., CEO of The Warren Group, in a written statement. “We expect to see bigger gains once the spring market gets in full swing. I think there is pent-up demand that will drive home sales upward.”

The median price for Connecticut single-family homes sold this January was $230,000 and remained the same from January last year.

“Median prices have remained flat on a year-over-year basis for three months in a row now,” Warren said. “Higher interest rates may be holding down recent price increases.”

Condominium sales in January fell by 7 percent with 387 recorded sales, down from 417 in January 2013. The median prices for condos also fell slightly this January, decreasing by less than half a percent to $162,500 compared with $163,000 in January last year.