Connecticut’s single-family home sales continue to decline
Single-family home sales in Connecticut during April were off by 5 percent compared to the same period a year earlier, according to the Massachusetts-based publisher of The Commercial Record, marking the ninth consecutive month of year-over-year decreases.
During the first four months of this year, single-family home sales in the state were down by 6.6 percent over the same period in 2018, said Cassidy Norton, a spokeswoman with The Warren Group.
“Recent trends in Connecticut have seen far too many homes for sale; that glut of housing depressed the median sale price,” she said. “Though prices are down slightly from this time last year to date, I expect they will rise in the spring market if the number of sales remains low.”
The median single-family home price remained unchanged at $250,000 last month compared to April 2018. The median single-family sale price for the first four month of this year fell by 1.2 percent from the same period in 2018 to $240,000.
Connecticut condominium sales, however, were on the rise in April, increasing by 5.7 percent compared to the same period in 2018. But condominium sales through the first four months of 2019 were off by 2.5 percent compared to the same period last year.
The median sale price for condominiums sold in the state last month was $162,000, a decline of $2,000 or 1.2 percent. The median sale price for condominiums in the first four months of this year was $157,500, a 0.3 percent increase compared to the same period in 2018
“This is the first time in 2019 that the median condo sale price decreased on a year-over-year basis,” Norton said. “The median condo price followed the same pattern at the beginning of 2018 before seeing a swift uptick in the summer months. I wouldn’t be surprised to see a similar trend in the near future.”
New Haven County had a 6.6 percent decrease in single-family home sales while Fairfield County saw a 9.6 percent drop in that figure.
Fairfield County also saw steep drops in the number of single-family home sales during the first four months of this year, as well as the median sale price for April and year-to-date. The number of single-family homes sold through April in Fairfield County was down by 7.5 percent compared to the same period in 2018.
The median sale price for homes sold in the county during April fell $30,000 or 6.7 percent to $420,000. The median year-to-date sale price for single-family homes in Fairfield County fell by $25,000 or 5.7 percent to $415,000.
The number of single-family homes sold in New Haven County through April was down 3 percent compared to the same period in 2018.
The median sale price for homes sold in New Haven County last month was unchanged from April 2018 at $220,000. The year-to-date median sale price in New Haven County fell by $5,000 or 2.3 percent from the same period a year ago to $210,000.
Donald Klepper-Smith, chief economist and director of research for New Haven-based DataCore Partners, said the Connecticut housing market could benefit from the continued decrease in interest rates going forward.
“Housing will become more affordable from an interest rate standpoint,” Klepper-Smith said.