Governor Lamont: Connecticut’s Housing Market Seeing Increased Strength as Home Sales Reach 12-Year High
(HARTFORD, CT) – Governor Ned Lamont today said that an independent report released today showing that single-family home sale prices in Connecticut have reached their highest level in 12 years is a good indicator of a strengthening housing market and positive sign of projected overall increased economic activity.
The median sale price of a single-family home in Connecticut during October 2019 was $255,000, up nearly four percent from $246,000 for the same month a year ago, according to the Warren Group, a company that collects and compiles data on real estate sales and ownership throughout New England. Single-family home transactions were up one percent in October, compared with a year earlier. The report notes that the last high for October was at the housing market’s peak in 2007, just prior to the Great Recession of 2008.
“It’s encouraging to see home prices continue to rise and recover their value, reaching new levels not seen since the start of the Great Recession,” Governor Lamont said. “This is a vote of confidence in Connecticut and its economic future.”
“The 12-year high is encouraging because it is a sign that our housing market is beginning to boost after being in recovery from the crash of 2008,” Connecticut Department of Housing Commissioner Seila Mosquera-Bruno said. “Seven out of the eight counties of Connecticut have had an increase in the sale price of homes. Our department is willing to help in any way that we can to keep encouraging growth in the market as well as growth and a path to homeownership.”