Housing Market Shows Signs of Recovery, Despite a 10-Year Low Median Price

The Warren Group recently released Q3 data indicating that the number of home sales in Connecticut has increased every month in 2012.  The median sale price, on the other hand, is the lowest it's been in 10 years.  Data on condo sales and prices shows a similar trend.

But, according to this press release, the fact that prices are at a low is not necessarily a bad sign.  The Warren Group CEO, Timothy Warren, stated, “the drop in prices is concerning, but it’s typical to see sales volume increase before prices do in a recovery period.”  Warren remarked that the increases in year-to-date home sales by 13.1% and condo sales by 7.2% are strong signs that the housing market is recovering.