Industry News

Connecticut home sales fall 21%

Prices drop for first time in 8 years

The statewide median sale price of single-family homes in Connecticut fell 0.9 percent and single-family home sales dropped 21 percent in August compared to August 2005, according to The Warren Group, a real estate and financial data company. It was the first time since 1998 that the statewide median single-family home price dropped. The 21 percent drop in sales was the largest since 2000. The state's single-family median sale price was $287,500 in August, down from $290,000 in August 2005. The median sale price had risen steadily since November 1998 to a high of $296,250 in July 2006. A total of 3,875 single-family homes were sold in August 2006 in the state, which is the lowest sales figure in August since 1995. Statewide single-family home sales have dropped 11 straight months and 17 out of the last 19 months dating back to February 2005, The Warren Group reported. Condominium sales in August dropped 10.8 percent compared to August 2005, with 1,557 units sold. Condo sales have fal...