According to new data from the School of Business’s Center for Real Estate and Urban Economic Studies, the value of single-family homes in Redding and Weston fell 10.1 and 2 percent, respectively, in the second quarter of 2012.
The year-over-year drop—from $439,374 to $395,209 for Redding and $655,475 to $642,341 for Weston for a so-called “mid-tier” home—marks a continuing trend in the area. According to the Uconn center, Redding hasn't seen an increase in home values since the second quarter of 2005 — Weston since the second quarter of 2011.
The center defines a “mid-tier” home in Redding as 26 years old and with 2,472 square feet—in Weston, 29 years old with 2,779 square feet. Each quarter, the center produces “constant quality indices” that track the changing value of homes in Connecticut towns by minimizing variables such as inflation and seasonality, as well as the effect a low-volume sales quarter has on average prices.
The declines in Redding and Weston aren't isolated in Fairfield County.
Among 18 towns in the county whose data is tracked by the center, just five municipalities—Bridgeport, Darien, Greenwich, Stamford and Trumbull—saw single-family home values increase
Use the search form above to track the change in estimated values of a mid-range home quarter by quarter since 2000. If "Home Value" shows as zero, that means the UConn center didn't have enough home sales in that quarter to produce a figure. Interested in all things Weston, Redding or Easton? Join us to discuss town matters with your neighbors, rate local businesses, and "like" us on Facebook and follow us on Twitter!
year-over-year for Q2. On average, the value of single-family homes in those 18 towns fell 4.8 percent from 2011 to 2012 in the second quarter, according to the center.
Join a local conversation on real estate value: A , and each story includes a narrative summary of second quarter data.