Total Home Sales Down 54% in July While Median Sales Price Rises


A total of 25 single-family homes in New Canaan were sold in July—a figure down 54% from the year-ago month, while the median sales price increased 17%, new data show.

The rise in the median sales price, from $1,810,000 to $2,121,000, reflects two homes that sold for $5 million-plus, according to data published by the New Canaan Board of Realtors.

The higher end of the market is up again in both single family homes and condos,” Board President Anne-Lise Brown said in a statement. “I would expect a seasonal slowdown due to August summer holidays. The past year or two were an anomaly and we are returning to a pre-pandemic market with respect to inventory and interest rates.”

Here’s a snapshot of market activity in July:

Single-Family Home Sales, July 2022

 Units Sold 
July 2022July 2021
$0 to $999,99912
$1 milion to $1.99 million1230
$2 milion to $2.99 million614
$3 million to $5 million48
$5 million+20
Source: New Canaan MLS
*Data only includes homes listed for sale on the NCMLS.


Year-to-date, the median sales price of a single-family home is up 8% year-over-year, from $1,785,500 to $1,933,750, according to the data. Inventory stood at 76 homes on the market as of the end of July, and single-family homes spent 105 total days on the market in July, down from 115 one year ago, the data show.

Condominium sales, meanwhile, increased 50% year-over-year in July, from eight to 12, while the median sales price of a condo rose 91%, from $754,500 to $1,438,750—due, mostly, to four condominiums selling for $2 million-plus, and four others selling in the $1 million to $2 million range, according to the data. Year-to-date, the median sales price of a condo is up 12% from 2021, from $905,000 to $1,01,000. 

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