Connecticut home sales dropped in May, but median prices for those that sold were their highest since before the start of the Great Recession, new data shows.
For the 11th consecutive month, May single-family home sales statewide fell 2 percent, to 3,110 closings vs. 3,175 closings in May 2018, according to Boston business publisher The Warren Group, which regularly tracks home sales in the New England region.
At the same time, the median home price rose last month 6.7 percent year-over-year, to $272,000 – the best May since 2008, months before the unofficial fall start of the global financial downturn that preceded the Great Recession.
Year-to-date, there have been 11,194 single-family home sales in Connecticut – a 5.3 percent decrease from the first five months of 2018, Warren Group said. Year-to-date, the median sale price is $249,600 – a 1.5 percent increase.
“Reports are showing that inventory levels are down from where they were this time last year, so I wouldn’t be surprised to see similar spikes in the coming months as springtime deals come to closing,” Warren Group CEO Tim Warren said in a statement.
Condo sales statewide rose 1.3 percent in May from a year earlier, to 861 closings vs. 850 in May 2018.
