Sales of single-family homes and condominiums in Connecticut plummeted by more than 30 percent in August compared to a year earlier, according to a new report from The Warren Group.
Home sales fell 32.4 percent to 2,489 from 3,683 in August 2007, representing the slowest sales pace for the month of August since 1992. Year-to-date sales are off 26.4 percent, dropping to a total of 17,211 from 23,397 recorded during the first eight months of 2007.
The August median home price fell 8 percent to $289,900 from $315,000 last year. The year-to-date median home price is down 7.7 percent to $277,000 from $300,000. The sharpest price drops have occurred in Fairfield and Windham counties. In Fairfield County, the year-to-date median price tumbled 9.8 percent to $550,000 from $610,000, while in Windham County the year-to-date median price dropped 11.2 percent to $194,500 from $219,000.
August condominium sales also fell to a 15-year low. Condo sales plunged 38.6 percent to 805 from 1,311 in August 2007. It was the fewest number of condo units sold for the month of August since 1993. A total of 6,146 condos have been sold from January through August, a 33.3 percent decline from a year ago when 9,198 unit sales were recorded.
The median condo price dropped 6.9 percent to $190,000 from $204,000. Year-to-date, the median condo price dipped 1.7 percent to $200,000 from $203,500.
