Connecticut home prices have yet to rise above 2007 levels
HARTFORD, Conn. (AP) — Home prices in Connecticut have yet to rise above their peak more than 10 years ago.
The Hartford Courant reports only 12 of the state’s 169 municipalities have reached or gone above the annual median sale price in 2007.
The paper says data shows the median sale price of a single-family home was at $248,000 in March — 15 percent below the peak of $295,000 in 2007.
Fairfield County fared the worst, with home prices down 24 percent compared to its peak. Hartford County has recovered the most, but it is still 11.5 percent below 2007 levels.
Longtime real estate agent Joanne Breen says this is the worst housing downturn she has seen “by far.” Experts say sluggish housing prices are tied to the state’s broader economic woes and population declines.