Warren Group: Prov. County led R.I. home sales in October

RHODE ISLAND single-family home sales increased 18 percent year over year in October, according to The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP
RHODE ISLAND single-family home sales increased 18 percent year over year in October, according to The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP

PROVIDENCE – Single-family home sales climbed by a double-digit increase in October for the sixth consecutive month, led by Providence County sales, The Warren Group, publisher of Banker & Tradesman, said this week.
Statewide, home sales jumped 18 percent, to 854, compared with 721 in October 2014.
Providence County alone saw a nearly 45 percent hike in single-family home sales year over year in October, and a 43.1 percent jump in condominium sales during the same period, The Warren Group said.
“Providence County has over 60 percent of the state’s population and also the least expensive homes. This makes it attractive to new families, first-time homeowners and empty-nesters who are downsizing,” Tim Warren Jr., CEO of The Warren Group, said in a statement. “When we see sales rise consistently and median prices remain flat, we can assume that affordability is a big factor in many home buying decisions.”
Rhode Island’s four other counties combined saw a 2.2 percent decrease in single-family home sales over the year, and a 1.5 percent decline in condo sales.
In Providence County, Cumberland had the greatest increase in single-family home sales at 180 percent (to 42 from 15); followed by North Providence, 111.1 percent (to 38 from 18); Johnston, 83.3 percent (to 33 from 18); East Providence, 48.6 percent (to 52 from 35); Cranston, 31.8 percent (to 87 from 66); and Providence, 31.4 percent (to 67 from 51).

Providence County had the lowest median sales price in the state at $191,250 in October. The median sales price in Rhode Island for a single-family home was $222,750, a .6 percent decrease from October 2014’s median of $224,000.

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