May 25, 2015

Connecticut Housing Market A Complicated Picture

Two new reports detail the Connecticut housing market. In general, house sales are up but the average sale price is down.

According to a new report by The Warren Group, a real estate information company, sales of single family homes in Connecticut increased almost 14% this February, compared to February 2014. The 1,352 homes sold is the highest February number since 2008. However, the report also notes that the median price of a single family home dropped by almost 5%, to $224,750.
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Berkshire Hathaway Home Services, a realty company, recently compared Connecticut home sales in the first quarter of 2015 with those in the first quarter of 2014. Home prices increased 1.3%, the number of sales increased 2.93%, and sales volume (which incorporates the price of the house) increased 4.27%. In addition, the average sale price for a single family home in Connecticut rose from $371,000 to $375,000.

Berkshire Hathaway also reported real estate sales by county. Windham County had the largest increase of any county in Connecticut, with sale prices increasing 11.6%, followed by New Haven County at 2.8%. Sale prices in Fairfield, Hartford, Litchfield, Middlesex, New London and Tolland Counties decreased. However, the number of sales increased in Fairfield, Litchfield, New Haven, and Windham counties.

Nationwide, the housing market appears to be increasing. The Case-Shiller index, which measures single family home prices, increased 5% in February (compared to February 2014).