Single-family homes sales fell in March in Connecticut as the median sales price rose significantly, New Haven Register staffer Luther Turmelle reports.
In March, the median sale price for single-family homes sold statewide rose by 7.8%, or $18,000, compared to the same period in 2017, according to The Warren Group. The median sale price for single-family homes was $248,000.
All the while, single-family home sales fell by 9.7% compared to the 2,229 that were sold during the same period in 2017.
Timothy Warren, chief executive officer of the publishing company, said the March data represented the largest median single-family home price gain since September 2013.
“Inventory of homes for sale is falling and the tight supply is pushing up the median price,” Warren said in a statement. “Prices held steady for the past two years, but the most recent two months show remarkable upward movement.”
Donald Klepper-Smith, chief economist and director of research for New Haven-based DataCore Partners, focused on the year-to-date data for single-family home sales. Year-to-date single-family home sales were down by 4.9% while the median sale price for the first three months of 2018 rose by 6.4% to $240,000.
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