Connecticut housing market shows modest gains in September

Connecticut's housing market saw modest gains in September, with the number of sales of single-family homes and condominiums increasing as well the median sale price for both types of properties.

Single-family home sales in the state last month increased by 6.7% over September 2018, according to a report issued Wednesday by The Warren Group, the Massachusetts-based publisher of The Commercial Record. Over the first nine months of this year, the number of single-family homes sold decreased by 3.3% compared to the same period in 2018.

The median sale price for single-family homes sold last month was $260,000, a 0.8% increase over September 2018 and an 11-year high for that month. For the first nine months of this year, the median sale price for homes sold was $264,000 a 1.5% increase over the same period in 2018.

"Although single-family home sales saw a significant gain in September, the 2019 total is still well behind where it was year-to-date in 2018," said Tim Warren, chief executive officer of The Warren Group.

Condominium sales in Connecticut last month increased by 2.2% compared to September 2018. Sales of condominiums increased by 1.1% over the first nine months of this year compared to the same period in 2018.

The median sale price for condominiums last month rose 0.6% to $164,000. That represents a $500 increase from the median sale price in September 2018.

"This is the first time the September median condo price increased on a year-over-year basis since September 2015," Warren said.

The median sale price for condominiums sold during the first nine months of this year was $165,000, a 1.5% decrease compared to the same period in 2018.

Increases in the median sale price for single-family homes and condominiums are considered important because homeownership often is an individual's single-largest investment.

Donald Klepper-Smith, chief economist and director of research for New Haven-based DataCore Partners, said an increase in the median sale price bolsters consumer confidence in the economy.

"You talk about home prices going up and it has a wealth effect," Klepper-Smith said. In some cases, that translates into individuals being able to borrow more money against the equity they have in their homes, he said.

The number of single-family homes sold in New Haven County last month was down by 2% compared to September 2018. Over the first nine months of this year, the number of homes sold in the county was down 2.7%.

But despite the declines in the number of homes sold, the median sale price in the county for single-family homes last month was $235,100, a 3.4% increase compared to September 2018. And over the first nine months of this year, the median sale price for single-family homes sold in the county was $232,000, an increase of 0.9% compared to the same period in 2018.

Condominium sales last month in New Haven County were up 3.4% compared to September 2018. Year-to-date condominium sales in the county were essentially flat, down just 0.5% over the same period in 2018.

The median sale price for New Haven County condominiums that were sold last month was $135,000, unchanged from where it was in September 2018. Over the first nine months of this year, the median sale price for condominiums sold in the county was up 1.2%, or $2,000, to $142,000 compared to the same period a year ago.

Tribune Content Agency
Housing markets Purchase Home prices Real estate Connecticut
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