The median price of a single-family home in New Haven County climbed more than 10 percent in March compared to a year ago, as tight supply pushed Connecticut home prices higher for the second month in a row, according to a new report.
Connecticut’s median single-family home price rose to $248,000 in March compared to $230,000 a year ago, an increase of nearly 8 percent and the largest gain in five years, said Boston publisher The Warren Group.
In New Haven County, the median home price saw a 10 percent increase, to $215,100 from $195,000 a year ago.
But Middlesex County bucked the state trend. The median single-family home price dropped nearly 5 percent to $241,750, from $254,000 in March 2017.
Timothy Warren, CEO of The Warren Group, said falling inventory was driving the statewide price increase.
“Prices held steady for the past two years, but the most recent two months show remarkable upward movement,” he said.
Though prices were up, the report shows sales of single-family homes slowed in March, with 2,012 sold statewide compared to 2,229 in March 2017.
In New Haven County, 408 homes sold compared to 500 a year ago, an 18 percent drop, while 134 homes sold in Middlesex County compared to 137 a year ago, a 2 percent decline.
Condo sales followed a similar trend, dropping 8 percent statewide in March, but prices rose 8 percent to $162,500 up from $150,000 in March 2017.
In New Haven County, condo sales slipped 19 percent, with 152 sold vs. 188 a year ago. The median price was $136,750, up more than 15 percent from $118,500 a year ago.
Middlesex County condo sales were down 16 percent, from 25 in March 2017 to 21 during the same month this year, and the median sale price dropped roughly 3 percent to $118,000 from $122,200 last year.
