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.”
