Median single-family home prices continued their downward trend in July, according to data from The Warren Group, publisher of The Commercial Record, while the number of sales continued its upward climb.

Though there are many factors that influence Connecticut’s real estate market, the classic issue of supply and demand is strongly at play in these figures. There’s a good level of inventory across most price points in much of the state, and that’s good news for homebuyers.

There were 3,415 single-family homes sold in July, the highest figure since August 2007, and an 8.24 percent increase over July of last year. It’s the sixth straight month of year-over-year increases. But the median price took a 1.45 percent dip compared to last year, dropping to $271,000.

It’s the same story in the condominium market, where median prices are down 6.13 percent and sales are up 12 percent. Condo sales have been climbing steadily since January, even through the early spring, when closings reflected those brave and hardy souls who shopped for condos in the teeth of some nasty winter weather.

It’s been a long, slow climb out of recession for most of the state. Connecticut’s economy and residents fell fast and hard compared to other parts of New England, though the state came through fairly well compared to other parts of the country. 401ks, home values and job prospects all dropped off a cliff for a couple of years, and the return hasn’t been easy. Even when the experts declared the recession officially over, for the person who lost wages, decimated their savings accounts and suddenly owned a home with a mortgage worth more than the house, “recovery” seemed a long way off.

And so it has taken years to regain solid footing. In those years lending standards have relaxed (slightly – no one wants to go back to the bad old days) and interest rates stayed low. The good people of Connecticut are feeling more stable in a lot of ways – unemployment is holding steady around 6 percent, the dollar is increasingly strong, home values have recovered – and are increasingly confident about their ability to buy a home and pay the mortgage every month.

That’s true across the board, according to reports – the pricier, bigger homes are moving well, as are the mid-tier and starter-home markets. It appears everyone is winning in the musical chairs of homeownership.

Sales usually slow down in the late summer and early fall, and that will likely be the case this year as well. But as of a little past the midpoint of the year, year-to-date home sales are up nearly 12 percent, while prices are down about 2 percent – which, all things considered, are some pretty good numbers.nMedian single-family home prices continued their downward trend in July, according to data from The Warren Group, publisher of The Commercial Record, while the number of sales continued its upward climb.

Though there are many factors that influence Connecticut’s real estate market, the classic issue of supply and demand is strongly at play in these figures. There’s a good level of inventory across most price points in much of the state, and that’s good news for homebuyers.

There were 3,415 single-family homes sold in July, the highest figure since August 2007, and an 8.24 percent increase over July of last year. It’s the sixth straight month of year-over-year increases. But the median price took a 1.45 percent dip compared to last year, dropping to $271,000.

It’s the same story in the condominium market, where median prices are down 6.13 percent and sales are up 12 percent. Condo sales have been climbing steadily since January, even through the early spring, when closings reflected those brave and hardy souls who shopped for condos in the teeth of some nasty winter weather.

It’s been a long, slow climb out of recession for most of the state. Connecticut’s economy and residents fell fast and hard compared to other parts of New England, though the state came through fairly well compared to other parts of the country. 401ks, home values and job prospects all dropped off a cliff for a couple of years, and the return hasn’t been easy. Even when the experts declared the recession officially over, for the person who lost wages, decimated their savings accounts and suddenly owned a home with a mortgage worth more than the house, “recovery” seemed a long way off.

And so it has taken years to regain solid footing. In those years lending standards have relaxed (slightly – no one wants to go back to the bad old days) and interest rates stayed low. The good people of Connecticut are feeling more stable in a lot of ways – unemployment is holding steady around 6 percent, the dollar is increasingly strong, home values have recovered – and are increasingly confident about their ability to buy a home and pay the mortgage every month.

That’s true across the board, according to reports – the pricier, bigger homes are moving well, as are the mid-tier and starter-home markets. It appears everyone is winning in the musical chairs of homeownership.

Sales usually slow down in the late summer and early fall, and that will likely be the case this year as well. But as of a little past the midpoint of the year, year-to-date home sales are up nearly 12 percent, while prices are down about 2 percent – which, all things considered, are some pretty good numbers.