Home sales in Connecticut jumped nearly 12 percent in August compared to the same month last year, and home sales for the first eight months of 2012 also increased almost 13 percent compared to the same period in 2011, according to a new home sales study from The Warren Report.
A total of 2,583 single-family homes in Connecticut sold in August, compared to 2,308 sales in August of 2011. Year-to-date sales this year are 16,217, compared to 14,363 during the same period a year ago.
This is also the fourth straight month this year in which home sales in Connecticut have surpassed the 2,000 mark, according to the report.
“Strong home sales have shown once again that the housing market’s future looks promising,” said Timothy M. Warren Jr., CEO of The Warren Group. “Even though we are comparing to a slow market in 2011, the 12 percent increase is a promising indicator.”
Median home prices, however, remained flat in August and even decreased during the first eight months of 2012, the report indicates. The median price of single-family homes statewide in August was $255,000. The median sales price for homes sold January through August decreased 4 percent to $240,000, down from $250,000 during the same period a year ago.
Warren, however, says the lackluster home price data isn’t necessarily a bad thing.
“In past housing market recoveries, we’ve seen sales volume increase before prices followed,” Warren said. “Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery.”
Condominium sales data in the Warren report followed the same track as home sales. In August, condo sales increased 15 percent over the same month last year, jumping to 649 units sold, the highest number of condo sales recorded in any month this year. Year-to-date condo sales are also up 5.8 percent, increasing to 4,090 from 3,864 during the previous time last year.
But the median sale price of Connecticut condos dropped 11 percent in August of 2012 to $160,000, down from last year’s $180,000. The year-to-date median price of condos in Connecticut fell 8.6 percent to $160,000, down from $175,000 a year ago.