The median sale price for both single-family homes and condominiums increased on a year-over-year basis across Connecticut in October, according to the latest report from The Warren Group, publisher of The Commercial Record.

October single-family home sales totaled 2,907 transactions, a 1.0 percent increase from October 2018 when there were 2,879 transactions. At the same time, the median single-family home sale price rose 3.7 percent on a year-over-year basis to $255,000 – a 12-year high for the month of October. Year-to-date, there have been 27,992 single-family home sales in Connecticut – a 2.7 percent decrease from the first 10 months of 2018. Year-to-date, the median sale price hit $262,000 – a 0.8 percent increase from 2018.

“The median single-family home price experienced a notable gain in October,” said Tim Warren, CEO of The Warren Group. “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.”

Condominium sales declined in October, falling 3.7 percent on a year-over-year basis with 812 transactions. This is compared to the 843 condo sales recorded in October 2018. Meanwhile, the median sale price rose 7.0 percent on a year-over-year basis to $168,000 compared to $155,000 in October 2018. This 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 percent decrease from the first 10 months of 2018, with a median sale price of $165,000, a 0.3 percent decrease.

“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 continued. “Despite the streak, the year-to-date numbers continue to lag behind where they were in 2018.”