From the New Haven Register:
Home sales down in market correction
The number of single-family homes sold statewide continued to slide in April, falling 3.5 percent compared with a year ago, The Warren Group reported Tuesday.
Statewide, 2,751 homes sold in April, down from 2,852 a year earlier. Homes grew slightly more expensive, however, with an April median price of $275,000, up nearly 2 percent from $269,900 a year ago.
The data marks an improvement over March, when sales fell almost 9 percent, and prices dropped about 3 percent from a year ago, but “we’re not out of the woods yet,” said Timothy Warren Jr., president of The Warren Group, a Boston-based firm that tracks residential real estate in New England. “We’re probably going to bounce around a bit for a few more months.”
Connecticut’s housing market has started an uneven correction after several years of double-digit price increases, Warren said.
“This is healthy, and I think we’ll start to see sales flatten out even more in the coming months.”
In New Haven County, 605 homes sold in April, one fewer than the 606 sold in April 2006. The median price slid 0.8 percent, from $250,000 a year ago to $248,000 in April.
“It’s a very spotty market,” said Barbara Pearce, president of North Haven-based H. Pearce Real Estate Co. “There are places where we’re getting multiple offers and there are places where things are sitting and sitting.”
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Connecticut fared better than neighboring states in April, and was the only one where prices increased, Warren said. Massachusetts prices and sales fell about 5 percent and 2 percent, respectively, and Rhode Island’s prices and sales slid 3 percent and 5 percent, respectively.Current trends in Connecticut’s housing market likely will continue in the coming months, said Brendan Grady, senior vice president of Coldwell Banker Residential Brokerage.