Sales of single-family homes and condominiums in Connecticut sank in October by double-digit percentages from the same month a year earlier, according to The Warren Group.
Prices also slid, with statewide median single-family home and condo prices tumbling by more than 10 percent in October compared to a year ago.Â
Home sales plunged 17 percent to 2,121 from 2,554 in October 2007. The steep drop follows a moderate dip in sales in September.
“Connecticut’s October housing report is markedly different from what happened in other parts of New England,” said Timothy Warren Jr., CEO of The Warren Group. “Both Massachusetts and Rhode Island posted considerable gains in single-family home sales during the month of October.”
October was the ninth month in 2008 that home sales in Connecticut were off by more than 15 percent, and the third month that prices dropped by about 11 percent, Warren said.
“Without a significant uptick in home sales for several months, price declines aren’t likely to level off,” he said.
In September, Connecticut home sales were down 5.3 percent from a year ago bucking a 12-month trend of double-digit percentage declines. A total of 21,507 single-family home sales were sold from January through October, a 23.8 percent decrease from the 28,234 home sales during the same period last year.
The median home price retreated 10.8 percent to $250,000 from $280,280 last year. Year-to-date median prices are down 9 percent to $273,000 from $299,900.
Windham and Fairfield counties have had the steepest drops in median home prices so far this year. In Fairfield County, the median price for homes sold through October was $535,000, nearly 11 percent lower than the $600,000 median price recorded last year. Windham County’s median price for the first 10 months of 2008 sank 12.8 percent to $191,000 from $219,000.
Statewide condominium prices dove 10.4 percent in October to $190,000 from $212,000 a year ago, marking the biggest decline in monthly condo prices so far this year. The median price for condos sold during the first 10 months of 2008 slipped 2.4 percent to $200,000 from $205,000 during the same period last year.
Condo sales plummeted 34 percent to 726 from 1,103 in October 2007. A total of 7,570 condos were sold through October, 33 percent fewer than the 11,304 condo sales in the same months last year.
