Conn. home prices up, sales down
The Warren Group's 2007 home sales report has a potential bright spot for Connecticut, showing that home prices rose last year despite price drop-offs in neighboring states.
The downside: Home sales fell throughout much of 2007, sinking especially in the year's final months. Sales of single-family homes fell 9.3 percent, from 37,922 in 2006 to 34,391 last year. But the median price went up 1.5 percent, going from $276,000 to $280,000.
However, December sales might portend a gloomy 2008. In that month, sales dropped off 24 percent, and sales have fallen by about 20 percent each month since September 2007.
"Connecticut has so far avoided the curse of falling home prices that has faced its neighbors," said Timothy Warren Jr., CEO of The Warren Group. "But with sales in the Nutmeg State falling so rapidly at the close of 2007, 2008 could be a different story."
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