October Home Sales Drop In CT, But Prices Rise

Home sales in Connecticut continued to fall sharply in October, but the state is seeing a modest increase in prices. WNPR’s Harriet Jones reports.

The figures come from the Warren Group, a Boston-based real estate data firm. In October, the report says sales of single family homes in Connecticut went down by 24% compared to the same month in 2009. That’s the fourth month in a row the state has seen declines. But year to date, Connecticut is still slightly ahead of last year – the first time homebuyer tax credit boosted sales enough in the first half of the year that the figures through October are 6% ahead of 2009’s sales. Prices meanwhile are defying the trend in falling sales, with median prices in the state up 4% in October. That means the median price of a single family home is now $250,000. The price trend is very varied across the state however, with Tolland seeing an 11% dip, while New London saw the strongest rise at 10%.

For WNPR, I'm Harriet Jones.