Connecticut’s median home sale prices hit October highs

Connecticut”™s housing market hit new median price peaks in October, according to new data from The Warren Group.

Single-family home sales during October totaled 2,907 transactions, up slightly from the 2,879 transactions recorded one year earlier. The median single-family home sale price for the month was $255,000, a 3.7% year-over-year increase and a 12-year high for the month of October. While the year-to-date figure of 27,992 single-family home sales in Connecticut was 2.7% below the level in the first 10 months of 2018, the median sale price hit $262,000, up by a 0.8% from the same period last year.

“The median single-family home price experienced a notable gain in October,” said Tim Warren, CEO of The Warren Group, publisher of The Commercial Record in Peabody, Massachusetts. “The last high for October was at the housing market”™s peak in 2007 when single-family homes achieved a median sale price of $280,000. Although October prices are still 10 percent behind where they were back then, year-to-date prices are trending higher.”

On the condominium side of the market, the 812 transactions in October was down from the 843 sales recorded one year earlier. But while sales were down, prices were up: the sector”™s median sale price rose on a year-over-year basis to $168,000 compared with  $155,000 from one year earlier, which marked a five-year high for the median condo sale price in October. Year-to-date, there have been 7,616 condo sales, a 1.2% decline from the first 10 months of 2018, and the median sale price of $165,000 was down by 0.3 percent from the same period in 2018

“This is the second month in a row that the median condo price has increased on a year-over-year basis ”“ marking a strong finish to the summer market,” Warren said. “Despite the streak, the year-to-date numbers continue to lag behind where they were in 2018.”