house bar graph arrow up2BOSTON: Single-family home sales in Connecticut fell 3 percent in February compared to February 2017, while the median sale price spiked 7.2 percent, according to the latest report from The Warren Group, publisher of The Commercial Record.

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A total of 1,688 single-family homes were sold in Connecticut during February 2018, compared to the 1,741 homes sold in February 2017. Meanwhile, the median single-family home price increased to $237,000, compared with $221,000 a year ago. This marked the biggest year-over-year price jump since September 2013. Year-to-date, single-family home sales totaled 3,817 with a median sale price of $235,950.

"Sales may have slowed in February, but the rising price is a good sign for any current homeowners who are thinking of selling,” said Timothy Warren, CEO of The Warren Group. “The inventory of homes for sale is dropping in Connecticut and the tighter supply may be pushing up prices. Closings from the Spring real estate shopping season peak in the summer months. We’ll soon know if this trend continues or if homeowners rush to put their homes on the market to take advantage of higher prices.”

Condominium sales in Connecticut increased 9.3 percent in February with 496 transactions, up from 454 sold in February 2017. The median sale price for condos edged 1.1 percent higher to $145,000, up from $143,375 a year earlier. Year-to-date, condo sales totaled 1,124 transactions with a median sale price of $148,900.