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Courant: CT Home Prices Still Below 2007 Level; No Recovery From Recession

May 17, 2018 By Staff
Courant: CT Home Prices Still Below 2007 Level; No Recovery From Recession

The Hartford Courant looked at 2017 home price data in all 169 of Connecticut's towns and cities. The main takeaway? Connecticut home prices have not recovered from the recession.

Need another sign Connecticut still hasn’t recovered from the Great Recession, 10 years after it happened?

The Hartford Courant is out with a new study confirming 2017 home prices in 157 of Connecticut’s 169 towns and cities have “[n]either reached [n]or surpassed the annual median sale price in 2007.”

The Courant‘s takeaway, based on data from The Warren Group?

Home prices across Connecticut — hit hard in a housing downturn that gripped the state a decade ago — have yet to stage a broad-based recovery and remain 15 percent below the peak in 2007.

Is it another indictment of the management of Connecticut’s post-recession economy by Gov. Dan Malloy (D-Conn.) and the Democrat-led legislature?

According to a recent Pew Charitable Trusts study, covered by Reclaim Connecticut, the state is last in the nation when it comes to recovering from the Great Recession.

Pew compared all 50 states’ growth rate in personal income from the fourth quarter (Q4) of 2007 to the second quarter of 2017, adjusted for inflation.

Connecticut came in last, with 0.6-percent growth since Q4 2007. Connecticut was one of nine states to have less than one-percent growth since Q4 2007.

Connecticut was also one of only ten states with a negative growth rate over the last year (-0.6 percent).

The Pew data combined with the housing data seem to confirm that Connecticut has been stuck in the economic mud since the Great Recession began.