Connecticut Home Prices: Time for some local news…
Connecticut is definitely not immune to the housing market crisis. The average prices of single-family homes are down 18% in the first quarter of this year compared to the first quarter of 2008. The 18% drop also roughly represents the decline in price from this March to March of 2008.
Even with all the government programs in place, low mortgage rates, and the first-time homebuyer’s tax credit, recovery has been relatively slow. Many homeowners looking to upgrade, and those looking to purchase their first home are still facing job losses and salary cuts, making it harder to get approved for a mortgage loan.
Home sales in Connecticut have also been on the decline. About 3,600 homes were sold in the first quarter of this year compared to almost 5,000 sales in the first quarter of 2008. The most significant impact was on condominium sales, down almost 40% in the first quarter compared to that of 2008. However, average prices on condos did not decline as significantly as single-family homes.
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