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Median Home Prices Jumped This Spring

Home sales in Westport are running more than 14 percent higher than they were 12 months ago. Prices are up, too. In the three months ending in July, the median sales price rose 34.9 percent to $1.15 million, compared with the previous quarter, according to Compared with the same period a year ago, the median is up 10.9 percent.

The median is the midpoint. The same number of houses sold above that price as sold below it. A rising median means that more homes are being sold at higher prices than in the previous period. The stronger the increase, the better the market.

Westport prices have see-sawed over the past five years and still lie 7.6 percent below the median in mid-2005. They reached a six-year low in early 2010 but recovered nicely over the spring. Sellers, however, are behaving cautiously. The average price of the last week's new listings was down 2.2 percent.

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