Single-family home sales fell statewide, but prices reached a four-year high, according to the Warren Group, publisher of The Commercial Record.
A total of 2,369 single-family homes sold across the state in November, compared to 2,595 homes sold in November 2017, a 8.7-percent decrease and the fourth consecutive month that sales have declined year-over year, the report said.
However, the median single-family home price increased 3.1 percent to $250,000.
Year-to-date, single-family home sales totaled 231,136 transactions, a 2.1-percent decrease from the first 11 months of 2017. The year-to-date median sale price of $260,000, meanwhile, marked a 4-percent increase over the same period.
“Falling sales paired with the rising single-family home price continues to highlight the unique relationship between supply and demand in Connecticut real estate,” said Cassidy Murphy, associate publisher and media relations director of The Warren Group. “November marked the fourth consecutive month of falling sales on a year-over-year basis, and I fully expect the median sales price to continue its upward trend for the remainder of the year.”
The number of condominium sales in Connecticut also decreased on a year-over-year basis, falling 5.5-percent in November with 676 transactions, down from 715 transactions a year earlier. The median sale price for condos also declined, falling 6.3-percent on a year-over-year basis to $150,000, down from $160,000 in November 2017. Year-to-date, condo sales totaled 8,385 transactions, a 0.2-percent increase from 2017, while the median sale price hit $165,000, a 1.5-percent increase from the first 11 months of 2017.
Realtors and economists have said the national slowdown, which is typical in the winter, could be exacerbated by mortgage interest rates rising to seven-year highs, concerns about an economic slowdown and increases in home prices outstripping wages.
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