Connecticut Home Sales, Prices Increase in May

Connecticut Home Sales, Prices Increase in May

07/05/2013 BY: TORY BARRINGER

May was a strong month for home sales in Connecticut, the Warren Group reported.

According to the group, sales in the state rose 2.9 percent year-over-year to 2,356. It was the highest number of transactions recorded for the month since May 2010 and the first time since January that sales volume increased on a yearly basis.

Year-to-date, sales were down 1.8 percent.

“Now that we’re well into the prime spring selling season, activity is increasing for sales volume as expected,” said Timothy M. Warren Jr., CEO of the Warren Group. “We’re expecting home sales to continue to rise on a year-over-year basis this summer. Median prices have increased for eight straight months and show no signs of slowing.”

The median sales price for single-family homes sold in the state also increased in May, rising 8.3 percent from last year to $268,500—the highest median price recorded so far this year. Year-to-date, the single-family median price was $245,000.

“The rise in prices is a result of an improved economy, higher consumer confidence and tight inventory,” Warren said. “It’s concerning to see prices rise at this rapid rate. Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices. Consumers are rushing to buy before prices and interest rates get too high.”

On the condominium side, sales were up 1.0 percent to 605 in May, with a total of 2,253 transactions in the first five months of the year. The median sale price of a condo sold in Connecticut in May was $175,000, a 4.8 percent year-over-year increase.

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