The housing crisis hit Connecticut belatedly, but it has hit hard. October numbers released today from The Warren Group show that single-family home sales plummeted by 17.5 percent, from 3, 198 in last year to 2,640 this year.
That’s the second-lowest sale rate in recent history, beaten only by October sales in 1993 when the state was in one of its worst recessions. Year-to-date sales are down 7.4 percent, and the median price of single-family homes fell by 0.8 percent in October from $267,000 to $265,000.
Condominium sales in Connecticut fell by 9 percent, but those condos are seeing a price jump – condo prices rose by 12.2 percent from $189,000 to $212,000 in October.
Timothy Warren Jr., CEO of The Warren Group, said Connecticut’s housing market has fared better than most other New England states throughout most of the year, but July’s credit crisis came down forcefully on the Nutmeg State. Â
