The housing market rebounded in Connecticut last year, with 2012 sales marking the best year on record in seven years.
Sales of single-family homes in Connecticut rose 14.8 percent in 2012, with a total of 24,276 units sold, according to The Warren Group, a real estate tracking firm. In 2011 home sales stood at 21,141. Last year's home sales were the best on record since 2009, when there were a total of 24,401 homes sold.
In addition, the sale of single-family homes in 2012, a "stark contrast to 2011," when year-over-year sales volume only increased in two months, the real estate tracking firm The Warren Group, said in a release issued Wednesday.
“The market in Connecticut showed much improvement in 2012, compared to the previous year when we saw record lows for sales,” said Timothy M. Warren Jr., CEO of The Warren Group. “An improved employment picture and consumer confidence boosted the housing market in 2012, and prices will slowly follow suit.”
The median price of a single-family homes sold in 2012 was $240,000, a 1.2 percent decrease from $243,000 in 2011. This is the lowest median price since 2003, when the recorded price was $231,750, the report states.
However, there does seem to be some movement upward in home sale prices, the report goes on to say. The median price for single-family homes sold in December increased more than 10 percent to $243,000, up from $220,000 during the same month in 2011.
“Prices have increased for three consecutive months, which is a promising sign for steady growth in 2013,” Warren said.
Condominium sales in Connecticut also increased in 2012. A total of 6,111 condominiums were sold last year, a 7 percent increase from 2011 when 5,704 sales were recorded.
The housing prices were inflated because of too much available money bidding up the prices of houses. Spiff is probably upset, rightfully so, because those criminal banksters and politicians who made a fortune off phony loans, derivatives, and laws that aided the scam/bubble stole the money that we homeowners lost in the bubble burst. That money was real, and now it is gone. In a sense I think what he is saying that is until he is made whole and prices are like they were before the bubble burst, the slump is not over as far as the victims of the scam are concerned. He's right. These people colluded, flim-flammed, conned and stole our money no matter how you want to put it, and most of them got no punishment and/or got re-elected. This is reality. We are still suffering as Jim said. And worse, it ain't over, far from it. Just wait a couple of months when the bond markets collapse and the dollar crashes... What do you think QE unlimited is all about? It's Bernanke's version of the panic button, and it's just making things worse and prolonging the inevitable.
"If you're saying the prices were inflated by chicanery and greed..." IF? I came right out and said it and that was the premise of my post! "it's still pretty unreasonable to demand that prices go back to that level. If either of you are saying that housing prices should somehow be guaranteed or enforced or something." "Demand, guarantee, enforce?" I never said anything remotely resembling anything like that! Allow me to quote myself; "In a sense I think what he is saying that is until he is made whole and prices are like they were before the bubble burst, the slump is not over as far as the victims of the scam are concerned." It's pretty clear what I said, but allow me to clarify since you seem confused anyway. These flim-flam artists in D.C., in collusion with their bankster criminal cronies stole from home owners by manipulating the market. And to homeowners, the very same people ripped off by our own representatives, "the slump is not over." Point being, the loss in value they suffered still exists. This loss in value is money stolen from home owners. And "the slump" is this loss in value and homeowners will still feel "the slump" I.e. cheated and loss of value until the value meets or exceeds what it was before the crash. Do I somehow or subliminally suggest that prices be "guaranteed or enforced?' I never said that or implied it. But, this is not to say that those crooks shouldn't be tried and punished for their crimes.
"Ah, that's the Patch crowd for you. Make a series of ambiguous comments, get questioned on them." I did NOT question your stupid comments, I specifically addressed them and proved them inaccurate at least, and bared them for all to see as the snide, smarmy and disingenuous liberal malarkey at the worst. (Re. my last post above.) Jim G., just admit that you that you haven't scraped the Obama/Biden 2008 sticker off your Subaru yet...
Be nice to Jim he no longer has his Subaru, he traded that in on his new Chevy Volt. Jim you can rest easy, soon enough your Volt will burn up taking care of that Obama sticker once and for all.