Home Sales Drop As House Prices Rise

Connecticut home sales dropped to their lowest point in two decades in August. But as WNPR’s Harriet Jones reports, prices in the state actually rose.

New figures from the Warren Group, a Boston-based real estate data firm, show that in August single family home sales in Connecticut fell 15%, compared to the same month a year ago. The actual volume of sales was the lowest recorded for August in more than 20 years. Condo sales saw an even steeper decline, down more than 26%. The only exception to the rule was Fairfield County, which actually saw a 9% bump in single family home sales, and 15% jump in condo sales.

“For the balance of the year we’re likely to see the market remain sluggish. The higher pending sales in August could lead to some months that post gains in sales volume over last year, but I doubt we’ll see several months in a row with those kinds of results.”

The silver lining to a gloomy report proved to be prices, which rose 7% for single family homes, over August last year. That brought the median price in the state to its highest level so far this year, at just over $272,000. The last time home prices were higher in Connecticut was in August of 2008.

For WNPR, I'm Harriet Jones.