By Aglaia Pikounis

Economists and others looking for a bright spot in the otherwise glum economic news have been encouraged by recent reports that sales of existing and newly built homes increased in February.

In California, sales of single-family homes soared 83 percent in February compared to a year earlier, the local Realtor association reported.

Unfortunately, the sales spike didn’t spread to Connecticut and other parts of New England.

The Warren Group reported today that single-family home sales in Connecticut fell 26 percent last month compared to the same period in 2008. The median home price dropped 17 percent to $220,000 from $266,000. It was the fifth straight month that year-over-year median home prices in Connecticut have dropped by double-digit percentages.

Housing reports from Massachusetts and Rhode Island also showed declines in sales and prices during the month of February.

Why are other states experiencing a boost in sales activity?

One reason may be the large number of foreclosed properties that are selling at very low prices. In California and Florida, distressed property sales accounted for roughly two-third of sales in the fourth quarter, according to the National Association of Realtors.

The spring market typically offers more brisk sales activity than the winter months, so it will be interesting to see if Connecticut’s housing market starts showing some life in upcoming months.

It seems like not too long ago publications like Vanity Fair were breathlessly writing about the lavish mega-mansions that were being built by hedge fund managers in Greenwich.

Well, with this economy, even uber-wealthy communities like Greenwich, Darien, Westport and New Cannan aren’t immune to the real estate woes facing the rest of the state and country.

In Greenwich, where the median selling price mushroomed to $2 million in 2007, prices fell a jaw-dropping 11 percent last year. In Westport, where domestic diva Martha Stewart sold her Turkey Hill Estate for $6.7 million in 2007, the median price retreated 9.4 percent to $1.2 million.

New Canaan’s home prices held up a little bit better. The median home price in New Canaan fell only 7.7 percent last year. Prices in that affluent suburb have exceeded $1 million since 2001. Darien had the most modest price drop. The median price in Darien dipped 3.4 percent to $1.28 million.

By comparison, a report issued by The Warren Group recently showed that the statewide median price for a single-family home fell 9.2 percent in 2008 compared to 2007.