CT Gets A Dose Of The Upbeat In October Housing Report

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On a day when the national housing picture brighten significantly, Connecticut also got a dose of the upbeat Tuesday.

The median sale price of single-family houses and condominiums in Connecticut rose 6.4 percent in October compared with a year earlier, according to the monthly report from RE/MAX of New England.

The price increase — rising to $265,000 from $249,000 a year ago — was welcome news for a state that has struggled with sagging prices in recent months.

Sales continued on an upward trend as they have for all of this year, rising nearly 17 percent compared with a year ago.

Nationally, housing starts in October rose nearly 42 percent compared with a year ago, the U.S. Department of Commerce said Tuesday. That was the highest level in nearly four years, suggesting housing demand is picking up and an overall recovery is gathering momentum.

In Connecticut,  monthly sales of single-family houses have risen on a year-over-year basis all year, but the median price has remained weak. Rising prices typically follow increased sales but both must be seen on a consistent basis to declare a full-fledged recovery.

RE/MAX’s housing report differs from The Warren Group’s because it combines single-family house and condo sales based on data from the Multiple Listing Service. The Warren Group separates the two types of housing and collects data from filings with local governments.

 

 

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