Connecticut’s housing market is no longer immune to the plummeting sales and prices that have gripped the rest of New England for many months.
After almost a year of increasing prices while many other states were experiencing declines, the Nutmeg State is now showing a trend of declines, according to The Warren Group.
The median price of single-family homes in January and February of this year fell by more than 5 percent when compared to the same month the year before. February’s decline of 5.5 percent is the largest drop since April 1995.
The median home price in February 2008 was $260,000, down 5.5 percent from a median price of $275,000 in February 2007. The year-to-date price of single-family homes fell 5.4 percent from $280,000 last year to $265,000 this year.
Sales of single-family homes fell 23 percent from 1,819 sold in February 2007 to 1,401 in February 2008. Year-to-date sales were down 26.2 percent from 4,121 last year to 3,042.
