Connecticut Home Prices Inch Up in January

Condominium Sales Fall, but Median Price Up Slightly

BOSTON--(BUSINESS WIRE)--Home sales in Connecticut rebounded and prices rose slightly in January after months of declines. Sales of single-family homes rose 4.6 percent in January compared to year-before numbers, and the median price went up 1 percent, according to The Warren Group, the publisher of The Commercial Record.

“This is encouraging news for Connecticut’s housing market, although we will have to wait and see what the following months bring before we can call it a trend”

The last time sales rose over the same month in the previous year was in September 2005, when sales of single-family homes rose 4.6 percent. The last time the median price rose was July 2006, when it went up 0.7 percent.

In January 2007, 2,422 single-family homes were sold, compared to 2,316 in January 2006. The median price was $272,725 in January 2007, and was $270,000 in January 2006.

“This is encouraging news for Connecticut’s housing market, although we will have to wait and see what the following months bring before we can call it a trend,” said Timothy Warren, Jr., CEO of The Warren Group. “We are seeing similar increases in sales across New England. It seems that many homebuyers took note of the declining prices and sprung into action in January.”

Condominium sales did not fare quite as well, falling 4.8 percent from 993 in January 2006 to 945 in January 2007. The median price increased 0.8 percent to $190,000 in January, compared with $188,500 the year before.

Complete statistics for cities, towns and counties available by request.

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.