Friday, December 04, 2009
by Sally Bowman Real Estate
Friday, December 4, 2009 7:33 AM EST
Home sales in state up 3rd straight month
BY DAVID KRECHEVSKY REPUBLICAN-AMERICAN
Sales of single-family homes rose in October for the third straight month, as the market benefited from falling prices and the federal homebuyers' tax credit, according to a new report.
The Warren Group, the Boston-based publisher of The Commercial Record, said single-family home sales in the state jumped to 2,371 in October, up 11.5 percent from the 2,126 homes sold in October 2008. It was the third straight month home sales had risen as compared to the same month a year earlier, the report said.
October's 11.5 percent increase was also the largest in monthly year-over-year sales since June 2004, the report added.
Year-over-year sales increased in seven of the state's eight counties, with New London the only county to post a decline, at 1 percent. Middlesex County posted the largest percentage increase in year-over-year sales, at nearly 37 percent. Sales were up 2.5 percent in Hartford County, 5.5 percent in Litchfield County, and 15 percent in New Haven County.
Despite the increase in sales, median prices for single-family homes statewide continued to decline.
The median price for single-family homes sold in October slipped 4.4 percent to $239,000 from $250,000. The decrease in median home prices narrowed, though, with October's 4.4 percent decrease the smallest this year. In the first eight months of 2009, price declines exceeded 10 percent. The median price for homes sold from January through October fell 11.3 percent to $242,140 from $273,000 a year ago