Falling Prices Lure Homebuyers

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Statewide sales prices hit 10-year nadir

" /files//_online_no_prescription">NB1warrenAs single-family homes prices in Connecticut reached their lowest level in a decade, sales increased again in September. So "http://gp.org/site//#cheap_">cheap the latest report by the Boston-based Warren Group.

"http://www.ninecakes.com/media/buyonline//#here">here told 1,900 single-family homes changed hands in Connecticut in September, a 4.5-percent increase from the 1,817 sales recorded in September 2011. Sales also increased for the third quarter, rising to 7,266 from 6,188 during the same period in 2011. Year-to-date sales are up 13.1 percent at 18,300, compared to 16,180 during the same period a year ago.

Photo: Warren sees surging home sales as a ‘strong sign’ the state’s economy is recovering.

That increase is fueled by falling prices. In September the median sales price of single-family homes statewide fell 7.2 percent to $230,000, down from $248,000 a year earlier. Third-quarter median prices declined 1.6 percent to $250,750 from $255,000 in the same period of 2011, while year-to-date prices fell 4.0 from $250,000 in 2011 to $240,000 this year.

A similar trend is evident in the residential condominium market. In September condo sales rose more than seven percent from a year earlier — to 503 from 470. For the third quarter the rise was even more dramatic: up 12.6 percent to 1,760 from 1,562 a year earlier.

Median condo prices in September fell 9.3 percent, to $157,000 from $173,089 in September 2011. Third-quarter median prices are down 9.8 percent, decreasing to $160,000 from $177,450 in the prior year. The year-to-date median price of condos in Connecticut is $160,000, down 8.5 percent from $175,000 a year ago.

“Home sales have increased every month in 2012, a strong sign that the housing market is recovering,” said Warren Group CEO Timothy M. Warren Jr. “This suggests that consumers have regained some confidence in the economy, and are making home purchases with more enthusiasm.

"The drop in prices is concerning, but it's typical to see sales volume increase before prices do in a recovery period,” he added.

 

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