The number of homes sold in Greenwich last month clocked in at nearly 20 percent above last year's levels. In the three months ending in July, the median price soared to $1.69 million, according to Trulia.com. That's 69 percent more than in the previous quarter and 9 percent more than the median at the same time 12 months ago.
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.
Home prices peaked in Greenwich in early 2006, at $2.08 million, so the market hasn't yet returned to its bubble high. Values fell with the national real estate bust, rose strongly in mid-2008, then plunged during the financial collapse. Sales in Greenwich depend strongly on the success of the financial community. As the Dow goes, so does the town.
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