Housing prices continued to decline in Connecticut in February compared to a year ago, even as the number of transactions remained essentially flat year-over-year.
According to date from RE/MAX of New England, a total of 1,630 housing units changed hands in February statewide, down slightly from the 1,635 transactions recorded in February 2011. Over the same period the median sales price fell 9.1 percent, to $232,500 from $255,750 a year ago. In addition, the average days on market increased from 117 in February 2011 to 124 this February.
Regionwide, Massachusetts, Rhode Island, Maine and New Hampshire posted significant increases in sales, even as all six New England states saw average home prices decline.
“Increased sales across New England indicates a strengthening market,” observed Jay Hummer, executive vice president of RE/MAX of New England. “With the Obama administration reporting that we’re seeing the lowest national inventory of homes for sale since 2006, we should see pricing start to adjust accordingly.”