Donald Klepper-Smith, chief economist and director of research for New Haven, Conn.-based DataCore Partners, cautioned against reading too much into the decline in home sales when comparing 2014 to 2013.
"Winter weather creates volatility in the number of sales," Klepper-Smith said. "Generally speaking, the housing fundamentals are sound: Interest rates are down, consumer confidence is up and so is real disposable income. I think we're going to see some better numbers in 2015."
The median price of a single-family home in December was $240,000, down 2.1 percent from $245,000 a year earlier. The median price for all homes sold was $251,500, which was down 3.3 percent $8,500 from 2013.
"I think that (the decline in median price) will change in 2015 as we see more and more first-time buyers hitting the market and looking for great deals," Timothy Warren Jr., the Warren Group’s chief executive officer, said in a statement.
Condominium sales in Connecticut were up 4.9 percent increase in December from the 575 that were sold during the same period in 2013. There were 6,961 condominiums sold during 2014, a 3.1 percent increase over 2013.
Median sales prices for condominiums were down, both during December and for all of 2014.
The median sale price for condominiums in December was $160,000, a 4.8 percent decrease from where it was during the same period a year earlier. The median selling price of for all condominiums sold in Connecticut during 2014 was $168,500, a 1.4 percent decrease from 2013.
©2015 New Haven Register. Distributed by Tribune Content Agency
