R.I. Realtors: 2Q homes sales rise most in 30 years

THE HOUSING MARKET IN RHODE ISLAND showed a record-setting year-over-year increase in the 2016 second quarter, according to the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
THE HOUSING MARKET IN RHODE ISLAND showed a record-setting year-over-year increase in the 2016 second quarter, according to the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Sales of single-family homes in Rhode Island increased dramatically in the second quarter of 2016, rising faster than in any other quarter since tracking began in 1986.

The Rhode Island Association of Realtors released the quarterly statistics on Thursday morning, describing the activity as record-breaking. The number of sales rose 14.8 percent to 2,975 closings.

The median price rose 6.7 percent to $240,000.

Sales also were strong in the condominium sector, according to the association. Closings represented a 16 percent increase compared with the second quarter of 2015, while the median price fell nearly 7 percent, to $200,000.

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In multi-family sales, activity rose 4.6 percent, while the median price rose 9.1 percent to $180,000.

Arthur Yatsko, the association president, said the current housing market is one of the best he’s recalled for sellers as well as buyers.

“Though prices are rising, they’re still below their peak, interest rates are almost non-existent, and rents are on the rise,” Yatsko said. “The challenge now is making sure that we have enough properties on the market to satisfy demand.”

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