By Patrick Anderson
PBN Staff Writer
WARWICK – Sales of single-family homes in Rhode Island rose 13 percent in August compared with the same period last year, the 14th consecutive month of increased year-over-year sales volume, the Rhode Island Association of Realtors said Friday.
There were 760 single-family houses sold in August, up from 670 in August 2011.
Median home prices nearly broke into positive territory as well, but fell 0.07 percent year over year to $204,850 last month from $205,000 in August 2011, the 15th consecutive month with a price decline.
“We’ve been seeing a strengthening market for some time now, but August sales are evidence of a major turning point,” said Rhode Island Association of Realtors President Jamie Moore. “We may still experience a step or two backward in the months ahead, but the forward momentum has clearly become more evident. The market is much stronger than it has been.”
The share of single-family homes sold through foreclosure fell to 20 percent in August from 24 percent last August and 35 percent in January. Excluding sales through foreclosure or short sale, the median single-family home price rose 4 percent year over year.
Single-family home inventory fell 17 percent in August compared with the same period last year. There is now a seven-month supply of homes on the market and six months is considered healthy.
In other areas of the market, condominium sales increased 5 percent, and the median condominium sale price increased 7 percent.
There were 107 condominiums sold in the state during August, up from 102 last August.
The median condominium sale price was $203,000, up from $190,000 last August.
Multi-family building sales rose 17 percent year over year, but the median multifamily price took a 19 percent dive to $105,000 from $129,000 last August.
The number of multi-family homes sold through foreclosure remained at about 50 percent in August, but multi-family inventory fell 29 percent to an 11-month supply.