Affordable Housing, Community Development, Reports and Publications, State News

Connecticut Housing Prices Still Falling

 

Overall, housing prices in the state declined an average of 3.2% in the first quarter of 2012 when compared to the 1st quarter of 2011, according to UConn’s Connecticut Real Estate Markets Update. The Bridgeport-Stamford area experienced a 2.8% decline, smaller than the year before, but Hartford prices declined at 5%, far outpacing the statewide average. UConn’s Center for Real Estate and Urban Economic Studies recently released a CT Real Estate Markets Update with final numbers for the first quarter and preliminary numbers for the second quarter of 2012.

There were positive signs in this update, housing prices are still declining, but the pace is slower than it was a year ago. Single family house prices increased in the Enfield labor market area (LMA) as well as in the Norwich-New London area. 

Sales of single family homes increased 7% in the first quarter and 15% in the second quarter. According to estimates that account for weather and tax credit effects, UConn has determined that the number of transactions has stabilized to levels seen during 2008 and 2009.

Unfortunately the condominium market has not had the same fortune as the single family home market. Condo prices have declined at a sharper rate than last year, with a -10% change this year compared to a -5% to -7% change last year.

House price indices by town are available here.  

 
 

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