R.I. home prices drop 4% in June

Rhode Island single-family home prices dropped 4 percent in June compared with the same period last year on stable sales volume, the Rhode Island Association of Realtors said Tuesday. More

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R.I. home prices drop 4% in June

BLOOMBERG FILE PHOTO/JACOB KEPLER
THE RHODE ISLAND Association of Realtors reported Tuesday that the median price for a single-family home in the Ocean State dropped 4 percent in June to $230,000 compared with $240,000 in June 2013.
Posted 8/12/14

WARWICK – Rhode Island single-family home prices dropped 4 percent in June compared with the same period last year on stable sales volume, the Rhode Island Association of Realtors said Tuesday.

The median price of single-family June sales was $230,000, down from $240,000 in June 2013.

There were 942 houses sold in June, three fewer than the same period a year ago.

Looking at sales during the first six months of the year, the median single-family sale price rose 6 percent over the median price during the first half of 2013, while sales volume dropped 2 percent for that period.

“We are slowly making progress. Rhode Islanders are regaining equity, though not at the same pace as most states,” said Realtors Association President Robert Martin.

In other areas of the market, multifamily building sales rose 15 percent in June compared with the same period in 2013. There were 132 multifamily buildings sold last month compared with 115 sold in June 2015.

The median multifamily sales price rose 12 percent year over year in June to $154,500 from $138,000.

Condominium sales were relatively flat in June, dropping by two sales, or 1 percent, from June 2013. There were 163 condominium sales in June.

The median condominium sales price fell 4 percent in June to $199,900 compared with $209,000 last June.

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