Firm: Home Sales Hit Lowest Level Since 1980s - NBC Connecticut

Firm: Home Sales Hit Lowest Level Since 1980s

Home sales dropped for 7th straight year.



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    Home sales in Connecticut have hit their lowest total since 1987.

    According to real estate tracking firm, The Warren Group, about 21,140 single-family homes were sold in the state in 2011, down 13 percent from 2010. It was the seventh straight year of sales declines.
    Timothy Warren Jr., chief executive of the Boston-based firm, said homes sales appear to be bottoming out and he believes they will be increasing as employment and consumer confidence improves.
    The median price for a single-family home sold in the state last year was $243,000, a nearly 3 percent decrease compared with 2010.
    Condominium sales also dropped 16 percent last year. That’s the lowest total in more than two decades.