WARWICK – Sales of Rhode Island single-family homes rose 16 percent in June compared with the same period the previous year, driving the year-over-year median price up 19 percent, the Rhode Island Association of Realtors said Friday.
There were 945 houses sold in June, increasing from 815 last June.
The median sale price of those June sales was $240,000, compared with $202,500 last June. It was the 9th consecutive price increase after more than a year of falling prices.
“Typically June is the most active month for home sales but this year was exceptional,” said Realtors Association President Victoria Doran. “Consumers are finally realizing that we have seen the bottom of the market and they’re questioning how long interest rates will remain low. Activity is up, homes are moving and the distressed inventory is quickly diminishing.”
The inventory of single-family properties on the market dropped to a five-month supply from a six-month supply in May. A six-month supply is considered balanced.
Climbing prices were aided by the steep decline in distressed sales. Less than 17 percent of single-family sales involved a short sale or foreclosure last month, compared with 23 percent in June 2012.
In other areas of the market, year-over-year condominium sales surged 35 percent in June and median prices rose 18 percent over last June.
There were 165 condominiums sold in June compared with 122 sales in June 2012. The median condominium sale price rose to $209,000 last month from $177,600 the previous June.
Multi-family property sales dropped 4 percent year over year, but that actually helped drive the median price up 11 percent.
There were 115 multi-family properties sold in June, down from 120 in June 2012.
The median multi-family sale price was $138,000, an increase from 124,500 last year.
The slowdown in distressed sales contributed to the drop in total multi-family volume and rise in median price. Short sales and foreclosures made up 35 percent of all sales last month, down from 43 percent of all sales in June 2012.