November sees home sale slowdown but prices continue rise
THE MEDIAN SALE PRICE of a single-family home in Rhode Island increased for the 14th consecutive month in November, according to the Rhode Island Association of Realtor, despite a year-over-year drop in the number of homes sold.
WARWICK – Rhode Island single-family home sales slowed in November, dropping 11 percent from the same period the previous year, the Rhode Island Association of Realtors said Tuesday.
There were 681 houses sold in November compared with 764 in November 2012.
Although volume dropped, the median price of single-family houses sold increased for the 14th consecutive month in November, rising 3 percent year over year to $201,000. The median sale price in November 2012 was $195,000.
Sales volume had risen seven consecutive months before November, and the Realtors Association attributed the slowdown to the autumn federal government shutdown and rising interest rates.
“We expected to see a sales slowdown because pending sales began to slow a few months ago,” said 2014 Rhode Island Association of Realtors President Bob Martin. “And, I don’t think we can overlook the government shutdown in analyzing the significance of the drop last month, which was more than expected.”
In other areas of the market, multifamily home sales rose 19 percent in November compared with November 2012. There were 121 multifamily buildings sold in November compared with 102 in November 2012.
The median multifamily sale price rose 18 percent year over year, from $119,950 in November 2012 to $142,000 in November 2013.
There were 123 condominiums sold in November, the same number as in November 2012.
The median condominium sale price in November crept up 2 percent from the previous year to $209,000. The median condominium sale price in November 2012 was $205,000.