Home sales in Connecticut are starting to show some life, rising 4.6 percent in March, but prices were moving in the opposite direction, according to the latest statewide figures.
The Warren Group, Boston-based publisher of The Commercial Record, released figures today showing Connecticut's single-family median home price declining to $221,950 in March, compared with $225,000 for the same period last year. That's a decrease of 1.4 percent.
"In studying patterns of previous housing slumps and recoveries, I'm not surprised median prices are continuing to drop," said Timothy M. Warren Jr., chief executive of The Warren Group, in a statement. "Home-sales volume will continue to rise, but it will take several more months for median prices to follow."
Statewide home sales totaled 1,610 in March, compared with 1,540 in the same month last year. It was the third consecutive month of year-over-year rises for single-family sales.
"It's encouraging to see a modest increase," said Timothy M. Warren Jr., CEO of The Warren Group. "The market has benefited from mild winter weather, low mortgage rates and improving consumer confidence in the economy."
Rising home sales did not carry over into the condominium market, however, as condo transactions statewide fell more than 10 percent in March. At the same time, median prices nudged up from $159,500 to $161,750.
New London County's single-family home and condominium sales and prices beat the statewide averages in March. Single-family sales boomed by nearly 19 percent, and prices rose 17.5 percent. Condo prices rose nearly 20 percent, and sales eased up almost 4 percent.