Home sales activity was up on a year-over-year basis for the third consecutive quarter in the Greater Toronto Area in the fourth quarter of 2011.

Home sales numbered 19,452 units in the fourth quarter, rising 11 per cent from the same period in 2010.

Annual residential sales activity totalled 91,760 units in 2011, an increase of four per cent from annual totals in 2010.

Inventories were up for single detached and condo apartment units compared to the previous fourth quarter, but declined for semi-detached and condo townhouse units. Buyers still took less time shopping before making purchases compared to a year earlier.

Median sale prices were up on a year-over-year basis to record or near-record levels for all major housing types.

The median sale price for single detached homes rose nine per cent year-over-year to $500,000 in the fourth quarter of 2011. The median sale price for semi-detached units rose 10 per cent from year-ago levels to $402,000.

The median sale price for condo townhouse units rose 12 per cent on a year-over-year basis to $305,500. The median sale price for condo apartment units rose eight per cent on a year-over-year basis to $305,000 in the fourth quarter of 2011.