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Is Connecticut's Housing Slump Over?

Home sales in the state are on the rise, The Warren Group reports, and increased in every month in 2012.

Is Connecticut's Housing Slump Over?

The housing market rebounded in Connecticut last year, with 2012 sales marking the best year on record in seven years.

Sales of single-family homes in Connecticut rose 14.8 percent in 2012, with a total of  24,276 units sold, according to The Warren Group, a real estate tracking firm. In 2011 home sales stood at 21,141. Last year's home sales were the best on record since 2009, when there were a total of 24,401 homes sold.

In addition, the sale of single-family homes in 2012, a "stark contrast to 2011," when year-over-year sales volume only increased in two months, the real estate tracking firm The Warren Group, said in a release issued Wednesday.

“The market in Connecticut showed much improvement in 2012, compared to the previous year when we saw record lows for sales,” said Timothy M. Warren Jr., CEO of The Warren Group. “An improved employment picture and consumer confidence boosted the housing market in 2012, and prices will slowly follow suit."

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The median price of a single-family homes sold in 2012 was $240,000, a 1.2 percent decrease from $243,000 in 2011. This is the lowest median price since 2003, when the recorded price was $231,750, the report states.

However, there does seem to be some movement upward in home sale prices, the report goes on to say. The median price for single-family homes sold in December increased more than 10 percent to $243,000, up from $220,000 during the same month in 2011.

“Prices have increased for three consecutive months, which is a promising sign for steady growth in 2013,” Warren said.

Condominium sales in Connecticut also increased in 2012. A total of 6,111 condominiums were sold last year, a 7 percent increase from 2011 when 5,704 sales were recorded.

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