Connecticut Home Sales Up, Though Prices Slightly Down

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Single-family home sales in Connecticut rose slightly in September even as median sale prices fell slightly, according to The Warren Group, the Boston-based publisher of The Commercial Record.

There were 2,340 single-family homes sold in Connecticut during September, nine more home than were sold during the same period in 2013. Median sale prices of single-family homes in September fell by $2,000, or a little less than 1 percent, compared to a year earlier when it was at $250,000.

“September marked the sixth time this year sales have increased in Connecticut,” Cassidy Murphy, editorial director of The Warren Group, said in a statement. “Median prices continued to fall slightly but that could change once the new lending regulations fall into place, and buyers are able to afford more.”

Calcagni Associates, a Cheshire-based real estate firm, saw much more robust sales in September. The real estate agency, which also has offices in Hamden, Wallingford and Southington, saw a 21 percent increase in sales in September, compared to the same period a year earlier, said Steve Calcagni, president of the firm.

“New construction is starting to get very active,” said Calcagni, adding that a 22 percent increase in sales at Calcagni’s Cheshire office was due to sales in the new Heritage Hill development in nearby Wolcott. “We’re also seeing a loosening of underwriting standards. Interest rates remain low, but people are starting to fear that there are going to be price increases, so they feel they need to get into the market now.”

Third-quarter single-family home sales in Connecticut were down by 1.5 percent compared to the same period in 2013. A total of 8,232 single-family homes sold during the three month-period that ended Sept. 30, down 126 from the third quarter of 2013.

The third-quarter median price for single-family homes fell by 3.6 percent to $265,000 compared to the same period a year ago. The median price for homes sold in the first nine months of this year was $256,000, off 3.4 percent from $265,000 during the same period in 2013.

Condominium sales in Connecticut were hot during September, with a 12 percent increase in the number sold, although the median sale price fell by 4.6 percent to $167,000. There were 653 condominiums sold in September, compared to 584 during the same period in 2013.

Article Courtesy of the New Haven Register.

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