Connecticut Home Sales Rise First Time in 7 Years

Posted by Rapti Gupta on Feb 11, 2013 08:36 AM EST
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Considering the recent market activity for large mansions with larger price tags, we decided to compile a list of the most expensive homes currently listed for sale in the country using Zillow.com and Realtor.com. (Photo : Reuters)

Home sales rose in Connecticut after declining continuously for the past seven years.

A real estate research firm, Warren Group recently released reports of a survey conducted in the state, which revealed that around 24,300 single-family homes were sold in 2012 accounting for a 14 percent increase, when compared to 2011. Around 6,100 condominiums were sold, recording a 7 percent increase as well, reports Boston.com.

The total sales also went up by 19 percent in the fourth quarter of 2012.

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

Though median prices of the sold homes recorded a 1.2 percent annual drop when compared to the prices of 2011, home prices increased in the final three months of the fourth quarter of 2012.

In December 2012, median prices of single-family homes were up more than 6 percent while median prices of condominiums jumped up five percent, reports Clinton patch.

"Prices have increased for three consecutive months, which is a promising sign for steady growth in 2013," Warren added in the statement, reports Hartford Courant.

However, economists believe that the housing depression is still on.

Ronald F. Van Winkle, an economist and the town manager of West Hartford said that the sales volume in Connecticut is still lesser than the prescribed 30,000-plus home sales.

Will the increasing pace of home sales give rise to a housing bubble in the country? The rapid recovery is showing all the signs of a housing gush and the risk of fizzing away is even higher this time. 

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