Home sales rise in R.I. in August

SINGLE-FAMILY home sales rose 16.2 percent in August, to 1,081 compared with 930 in August 2015, The Warren Group said Wednesday.  / BLOOMBERG FILE PHOTO/TY WRIGHT
SINGLE-FAMILY home sales rose 16.2 percent in August, to 1,081 compared with 930 in August 2015, The Warren Group said Wednesday. / BLOOMBERG FILE PHOTO/TY WRIGHT

PROVIDENCE – Single-family home sales rose 16.2 percent in August to 1,081 compared with 930 in August 2015, The Warren Group said Wednesday.
August’s sales numbers represent the 16th consecutive month of positive year-over-year sales growth. It was also the first time since 2005 that at least 1,000 homes were sold for three consecutive months, The Warren Group said.
Year to date, 7,005 homes have sold statewide compared with 5,702 during the same period last year, a 22.8 percent increase in sales.
Providence County led the state in transactions in August with 521, a 21.2 percent increase compared with August 2015’s 430, and year-to-date transactions, with 3,424 homes sold compared with 2,640 a year ago, a 29.7 percent increase.

“Sales in Rhode Island have seen a strong resurgence,” Timothy Warren, CEO of The Warren Group, said in a statement. “Interest rates in the market remain low while jobs and the economy continue to give consumers the confidence they need to make a home purchase.”

The median sale price of a single-family home in Rhode Island =increased 1.3 percent in August to $239,900 from $236,750 in August 2015, marking the third-highest median sale price this year. Year to date, prices have risen 4.4 percent to $235,000, compared with $225,000 during the same period a year ago.
Despite having the highest median sale price in August at $352,500, Newport County saw the price fall 4.5 percent over the year. Among the five counties, only Kent had an increase year over year in median sale price at 7.7 percent, to $221,000 from $205,250.

Condominium sales rose nearly 7 percent in August, to 161 compared with 151 in August 2015, marking the eighth consecutive month of positive year-over-year sales growth. Year to date, sales of condos have increased 22.7 percent, with 1,152 sold through August compared with 939 in the year-ago period.
Like single-family home prices, condo prices also rose, improving 0.6 percent, with a median selling price of $197,250 compared with $196,025 in August 2015.
The Warren Group said this marks only the third time this year that the median sale prices have seen a year-over-year increase. Year to date, the median price of a condo has fallen 4.3 percent to $190,500 from $199,000 at the same time last year.

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