Real Estate market in New York, and Connecticut is improving

October 11, 1:24 PMNY Economy and Politics ExaminerSahit Muja

Real Estate market in New York, and Connecticut is improving

This weekend positive news has been reported by real estate brokerage companies in the Tri-State area.  According to Houlihan Lawrence and Century 21 there has been an increase in requests for showings this weekend.

   In NYC condo sales jumped 45.6 percent from the second quarter to the third, helping boost the median sales price of both new and re-sale units, according to a report prepared by the appraisal firm Miller Samuel Inc. for Prudential Douglas Elliman Real Estate.

In Connecticut home forclosures have decreased and new reports show that the real estate market has hit the bottom in Connecticut. 

Throughout Connecticut, single-family home sales climbed nearly 7 percent in September, making it two straight months of statewide sales gains, but prices were off more than 13.5 percent.

The gains in home sales for two consecutive months is a good boost for Connecticut's housing market, especially since sales have been slumping since 2005 Condo prices in New London County fell from a median of $173,250 last August to $160,000 this year. The more than 7 percent decrease in prices came despite a sales-volume increase of 28 percent.