Home sales in Connecticut increase in June

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Home sales in Connecticut increase in June

August 18, 2010 - Relocation activity in Connecticut may have led to a surge in homebuying.

Year-over-year single-family home sales were up 33 percent in June, reported the Warren Group. There were 3,477 homes sold in the month compared to 2,612 in June 2009.

Similar gains were experienced on a quarterly basis. The second quarter saw 8,105 home sales, a 35.3 percent increase over the same period a year earlier. It was the highest sales volume for any quarter since 2007.

"Single-family home sales in Connecticut have been steadily increasing by double-digit percentages," said Warren Group CEO Thomas Warren. "The homebuyer tax credit served its purpose and pushed buyers into the market. Low mortgage rates may help to continue the trend for the second half of the year."

Condominium sales showed an even larger increase, with 1,043 changing hands in June compared to 720 a year earlier - a 44.9 percent rise, said the report.

Apartment and condo units have become particularly popular in light of today's troubled housing market. Several recent reports have pointed to improving markets in Boston and New York City.

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