Industry News

Connecticut real estate market slows in Q2

Single-family home sales fall by double digits

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Connecticut statewide sales of single-family homes fell 13.3 percent while the median sales price increased 2.5 percent in the second quarter compared to second-quarter 2005, according to Boston-based The Warren Group, a real estate data company. The Warren Group reported that 10,543 single-family homes sold in second-quarter 2006 and the median price of single-family homes was $279,900 for the quarter. The drop in year-over-year second-quarter sales follows an 11.2 percent year-over-year decline in the first quarter of 2006 and a 14 percent decline in fourth-quarter 2005. Condominium unit sales, which dropped 5.3 percent in the first quarter compared to the prior year's quarter, dropped 11.6 percent in the quarter, year-over-year, with the median sales price of condos rising 1.1 percent to $190,000 in the second quarter compared to second-quarter 2005. Timothy Warren Jr., CEO for The Warren Group, said in a statement, "The 10-year run-up in both prices and sales is over, and now we'...