WARWICK – Rhode Island single-family home sales rose 21 percent in May and the median price of those sales climbed 6 percent compared with the same period last year, the Rhode Island Association of Realtors said Tuesday.
There were 837 houses sold in May, 146 more than the 691 that changed hands last May.
The $207,500 median May sale price, up from $195,000 last May, was the highest monthly median price since July 2011.
The inventory of houses on the market dropped from a seven-and-a-half-month supply in April to a six month supply in May, a level the Realtors said reflected an ideal balance.
“Though it took a while to get here, we knew we were heading toward this point,” said Rhode Island Association of Realtors President Victoria Doran. “Now thousands of homeowners can breathe a sigh of relief as their home equity once again begins to rise.”
Short sales and foreclosures also continued to abate in May, representing 19 percent of all transactions instead of a quarter of all transactions in May 2012.
In other areas of the market, condominium sales surged again in May, rising 34 percent from May 2012, and the median sale price spiked 26 percent year over year.
There were 183 condominiums sold in May compared with 137 in May 2012.
The median condominium sale price in May was $215,000, up from $171,000 in May 2012 and $157,500 in April.
Multi-family sales were more modest, increasing by one sale, or one percent, from last May. There were 117 multi-family sales in May.
The multi-family median sale price rose 12 percent last month to $129,000 from $115,100 in May 2012.