R.I. home sales, median home price rise in October

THE RHODE ISLAND ASSOCIATION OF REALTORS said that Rhode Island single-family home sales rose 5 percent in October and the median price of those sales jumped 14 percent compared with the same period last year. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
THE RHODE ISLAND ASSOCIATION OF REALTORS said that Rhode Island single-family home sales rose 5 percent in October and the median price of those sales jumped 14 percent compared with the same period last year. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Rhode Island single-family home sales rose 5 percent in October and the median price of those sales spiked 14 percent compared with the same period last year, the Rhode Island Association of Realtors said Wednesday.
There were 848 houses sold last month, 41 more than last October.
The median single-family sale price in October was $232,000, up from $204,000 in October 2013. It was the highest monthly median sale price since June 2013.
The Realtors Association attributed the surge in median price in part to a continuing decline in distressed sales, which dropped 38 percent last month compared with October 2013.
“It appears that the fourth quarter is starting out strong,” said Realtors Association President Bruce Lane. “We saw sales activity slow just a bit earlier this year but it appears now that that was temporary. Thanks to a better job market and continued low interest rates, it seems that consumer confidence is growing.”
In other areas of the market, multifamily building sales were also strong, climbing 5 percent last month compared with October 2013, while the median price of those sales surged 30 percent year over year.
There were 138 multifamily sales in October, up from 132 last year.
The median multifamily sales price last month was $168,000, up from $129,500 last October.
And condominium sales rose 7 percent in October compared with October 2013, while the median year-over-year condominium sales price declined 4 percent.
There were 148 condominiums sold last month, up from 138 last October.
The median condominium sales price was $190,000, down from $198,250 in October 2013.

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