Connecticut has seen a second month of rising home sales and prices. As WNPR’s Harriet Jones reports, market-watchers believe we could be seeing a key turning point.
According to the Warren Group, a Boston-based real estate data firm, the median price for a single family home in Connecticut went up 6% in January, compared to the same month in 2009. That marks the second month of year-on-year increases. Sales meanwhile, increased more than 19%. Warren Group CEO Tim Warren says the government’s homebuyer tax credits have had an effect, but he believes the turnaround could be sustainable.
"I think the higher sales volume is starting to turn the tide, and we might be seeing the beginning of a sellers’ market. As buyers find more competition for homes they are interested in, they’ll have to stretch a bit to have their offers taken seriously."
The recovery is most marked in Fairfield County, which saw a 60% jump in sales in January, and a 30% hike in median prices. By contrast, Hartford County was the only place where prices dipped – slipping almost 5%.
For WNPR, I'm Harriet Jones.