Home Sale, Prices Continue Slide In February

Aaron Kupec
March 27, 2019 - 10:13 am
Categories: 

(WTIC Radio) - Single-family home and condo sales in Connecticut declined in February on a year-over-year basis, according to the latest report from real estate-tracking firm The Warren Group.

February single-family home sales totaled 1,606 transactions, a 6.2 percent decrease from a year earlier. This marked a four-year low for February single-family home sales. Meanwhile, the median single-family home price fell 5.1 percent on a year-over-year basis to $224,000, compared with $236,000 in February 2018 – marking a three-year low for the month of February.

“This is the fewest number of single-family home sales for the month of February since 2015,” said CEO Timothy Warren. “Single-family home sales have declined on a year-over-year basis for seven straight months and 13 of the past 15 months. Clearly the market has softened despite a low unemployment rate and a good economy.”

Condominium sales in Connecticut also experienced a notable decline, falling 4.6 percent on a year-over-year basis with 475 transactions. Meanwhile, the median sale price for condos remained unchanged from February 2018 at $145,000.

“Even though the number of condo sales declined on a year-over-year basis, the level of activity we saw isn’t unusual for the month of February,” said Warren. “In fact, the last time we saw more than 500 condo transactions in February was more than 10 years ago in 2008.”