The median sale price for single-family homes in Connecticut reached a five-year high for the month of August, according to new data from The Warren Group.
Single-family home sales in Connecticut decreased in August on a year-over-year basis as the median sale price reached a five-year high for the month of August, according to the latest report from The Warren Group, publisher of The Commercial Record.
Connecticut recorded 3,701 single-family home sales in August, down from the 3,864 homes sold in August 2017. Year-to-date sales totaled 23,234, a 0.4 percent drop when compared to the same period in 2017.
But while sales were down, prices were up. The median single-family home price of $271,500 was up 2.4 percent from one year ago and became the highest price achieved for the month of August since 2013. The year-to-date median sale price for 2018 was $260,000, up 4 percent increase over the same period one year ago.
“The median single-family home price reached a five-year high for the month of August, but based on historical trends we can probably expect the price to start edging lower on a month-over-month basis during the remainder of 2018,” said Timothy Warren, CEO of The Warren Group. “However, if inventory fails to keep up with demand ”“ like we”™ve seen in the last few months ”“ year-over-year price gains could continue for a while longer.”
In the condominium market, there were 956 sales in August, up from the 921 sales in August 2017. The median sale price for condos in August was $177,900, the highest level for the year, and up from $169,000 a year ago. Year-to-date, condo sales totaled 6,128 transactions with a median sale price of $168,125.
