R.I. home sales climb 21% in September, highest September on record

THE WARREN GROUP SAID September home sales in Rhode Island climbed 21 percent compared with September 2015. / COURTESY THE WARREN GROUP
THE WARREN GROUP SAID September home sales in Rhode Island climbed 21 percent compared with September 2015. / COURTESY THE WARREN GROUP

PROVIDENCE – There were 1,053 single-family home sales in Rhode Island in September, marking the most sales in any September on record for the Ocean State, according to a report released this week by The Warren Group.
The Warren Group said single-family home sales climbed 21 percent over the year, representing the 17th consecutive month of positive year-over-year sales growth. A total of 870 single-family homes were sold in September 2015.
September’s numbers also mark the fourth month in a row in which at least 1,000 homes were sold.
In the first nine months of the year, 8,058 homes were sold compared with 6,572 during the same period last year, a 22.6 jump in sales.
The median sale price of a single-family home in Rhode Island rose 2.2 percent in September to $230,000 from $225,000 last year. Year to date, prices climbed 4.4 percent to $235,000, compared with $225,000 during the year-ago period.
Timothy Warren, CEO of The Warren Group, said sales in Rhode Island “have been going strong in 2016.”
“The growth in sales volume in Rhode Island this year exceeds the numbers put up in neighboring Massachusetts and Connecticut,” he said in a statement. “Interest rates in the market remain low while jobs and the economy continue to give consumers the confidence they need to make a home purchase.”
Providence County led the state in single-family home sales in September with 526, a 27.1 percent jump over last September’s 414. Bristol County led the state in the highest year-over-year percentage increase at 27.3 percent, to 56 from 44.
Kent County had a 21.5 percent increase in sales, to 215 from 177.
Washington County experienced a 9.3 percent increase in single-family home sales over the year, to 165 from 151, while Newport County experienced an 8.3 percent change, to 91 from 84.
Condominium sales increased nearly 25 percent statewide, with 182 sold in September compared with 146 in September 2015, marking the ninth consecutive month of positive year-over-year sales growth. Year to date, sales of condos have risen 22.9 percent, with 1,334 sold compared with 1,085 in the same period last year.
Condo prices rose 3.3 percent, to a median selling price of $185,000 compared with $179,000 in September 2015. Year to date, the median price of a condo decreased 2.3 percent, to $190,500 from $199,000 at the same time last year.

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