Single-family home prices in Connecticut sank a record 16.2 percent in November — the steepest drop in year-over-year monthly prices in 20 years, according to The Warren Group.
The median selling price for single-family homes fell  to $238,750 in November from $285,000 in November 2007. The percent decline in prices is the sharpest drop since The Warren Group started tracking Connecticut’s housing market in 1988.
The median price for single-family homes sold during the first 11 months of 2008 was $270,000, down 9.4 percent from $298,000 during the same period a year earlier.
“November was a challenging month for residential real estate in Connecticut and other parts of New England,” said Timothy Warren Jr., CEO of The Warren Group. “The single-family home price declines in Connecticut mirror the record price drops in Massachusetts and Rhode Island, where prices were off 16.7 percent and 19.6 percent, respectively, during the month.”
Single-family home sales continued a downward trend, posting the worst November sales pace in two decades. Home sales tumbled 26.6 percent to 1,546 in November from 2,105 in November 2007. Through November 2008, 23,064 homes have sold, a 24 percent decrease from the 30,339 units sold during the same months in 2007.
“With unemployment expected to creep up further and consumer confidence low,” Warren said, “the market will continue to suffer losses in the first quarter.”
Condo sales plummeted 37.9 percent to 527 in November from 848 a year earlier. It was the lowest number of November condo sales ever recorded by The Warren Group. A total of 8,099 condos were sold from January through November, down 33.4 percent from the 12,152 condo transactions during the first 11 months of 2007.
The median condo price dipped 13.9 percent to $176,500 in November from $205,000 in November 2007, Warren said. It was the biggest percentage decline in year-over-year monthly prices in 2008.Â
