BOSTON, Mass. (WTIC) - Home sales in Connecticut plunged in January.
Single family home sales plunged 14.5% last month compared to the same period in 2018. It was the largest year over year decline since the Great Recession.
Tim Warren, CEO of the real estate tracking firm The Warren Group, finds this drop puzzling. He says with positive economic indicators and strong consumer confidence, more people should be buying homes, but they're not.
"I think perhaps people are staying longer in whatever home they have. They don't see much tempting on the market that's brand new. And they may not have a lot of equity in their current homes, so it's just not worth the hassle of moving."
Condo sales also posted a big decline in January, down 17.6% compared to the same period last year.
"At $153,000. they're the bargain option for home ownership, but they're not selling like hotcakes. That's another puzzling mystery to me."
The median price of a single family home dropped by .4% last month, to $235,000. Warren said Connecticut's real estate market seems to be stuck in neutral.