Research group: Home sales in Connecticut rise, prices fall

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Real Estate Expert Describes Rise Of Existing-Home Sales

HARTFORD — A real estate research group says sales of single-family homes in Connecticut rose more than 20 percent in August over the same month last year, though the median price fell 5.5 percent.

The Warren Group said Tuesday that 3,295 homes were sold in August, up from 2,741 in August 2014. The median price was $255,000, compared with $269,900 in August 2014. It was the fifth consecutive month of year-over-year decreases.

Chief Executive Timothy Warren Jr. said rising sales and decreasing median prices are not unusual as the real estate market recovers from a crash.

He says the improved economy and increase in jobs may be drawing buyers while prices are still low. The median price for 2015 so far is down 15 percent from the 2007 peak of $295,000.