R.I., Mass. median home prices increase in November

RHODE ISLAND'S median single-family home price increased 3 percent in November compared with November 2013, but sales declined 2 percent during that same period, the Rhode Island Association of Realtors said on Tuesday. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
RHODE ISLAND'S median single-family home price increased 3 percent in November compared with November 2013, but sales declined 2 percent during that same period, the Rhode Island Association of Realtors said on Tuesday. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Rhode Island’s median single-family home price increased 3.2 percent in November compared with November 2013, but sales declined 2.4 percent during that same period, the Rhode Island Association of Realtors said on Tuesday.
In Massachusetts, the median price of single-family homes also increased in November, by 1.6 percent, as single-family home sales, according to the latest report by The Warren Group, publisher of Banker & Tradesman.

In Rhode Island, 665 single-family homes were sold last month, 16 fewer than in November 2013, the association said.
November’s median sales price was $207,500, an increase on November 2013’s $201,000 median, but down from October 2014’s $232,000.
Statistics from the RIAR showed that the number of homes on the market rose on a year-over-year basis for the eighth consecutive month. The association said it would take nearly seven months to deplete the inventory of single-family homes for sale given the current rate of sales.
“The improving housing market seems to be encouraging homeowners to list their properties, and an improving economy, along with low interest rates and a good supply of affordable homes to choose from, are attracting buyers as well,” Bruce Lane, president of the Rhode Island Association of Realtors, said in a statement.
Homes that are under contract, but not yet sold, rose slightly, marking the fourth consecutive month of increased pending sales compared with the same period a year earlier.
Condominium and multifamily home sectors also experienced increases in the median sales price, 14.7 percent and 7 percent, respectively. Sales slowed, however, mirroring the trend in single-family homes.

The median condo price was $239,700, compared with $209,000 a year ago. Ninety-eight condominiums were sold, 25 less than last year.
The median multifamily home price was $152,000 in November, compared with $142,000 a year ago. Eight-six multi-family homes were sold in November, 35 fewer than a year ago.
The association said foreclosure and short sales have diminished throughout the year, with distressed sales accounting for 15 percent of all single-family home sales in November, compared with 22 percent at the beginning of the year.
“We’re getting there. We’re drilling down to the last of the sales caused by financial duress. As long as we keep heading in this direction, 2015 should be a good year,” Lane said.

In Massachusetts, the Warren Group said that the increase in median price last month marked the 10th time prices have increased year over year in 2014.

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The median selling price of a single-family home in Massachusetts increased to $315,000 from $310,000 in November 2013.

November sales of single-family homes also rose slightly, with a total of 3,878 homes sold compared with 3,871 a year earlier.

“Ending the year with increases in both sales and prices for single-family homes is a good way to enter a new year of buying and selling,” Timothy M. Warren Jr., CEO of The Warren Group, said in a statement. “We have seen sales of single-family homes inch up two months in a row now. Perhaps the good employment statistics in recent months are having a positive impact.”

Condominium sales statewide decreased 14 percent in November, with 1,408 condominiums sold, down from 1,634 in November 2013.

The median condominium price fell 4.6 percent in November to $290,000 from $304,000 a year earlier.

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