Connecticut home prices continued to plunge in June, and sales were down by some 24%. Its the latest evidence that the housing slump is far from over.
The Warren Group, a Boston based real estate data firm publishes monthly updates of both median prices and sales for Connecticutâ€™s housing market.Â Prices were off in June by 11%, the second month of double digit declines.Â Sales meanwhile have fallen even further. Â
For the eighth month in a row, sales plunged by more than 20%, when compared to the same month last year. Once again, Fairfield County was hardest hit, with sales down more than 30% there.Â The median sale price for a single family home in the state is now just over 288 thousand dollars, down from 325,000 in June of last year â€“ thatâ€™s below the median sales price in 2006. Â
Sale price declines were worst in Fairfield, Litchfield, Middlesex and New London counties.Â Whatâ€™s slowing the sales numbers is a glut of what might be termed middle value houses â€“ cheaper homes below 200 thousand dollars, are still moving, and the market for million dollar homes is also relatively robust.