R.I. home sales still strong in Sept., but expected to slow
SALES OF SINGLE-FAMILY homes in Rhode Island rose 16 percent in September compared with the same period a year earlier, the Rhode Island Association of Realtors said Thursday. A total of 773 homes sold in September, up from 668 sales in September 2012, but the Realtors expect to see sales activity slow in the months ahead.
PROVIDENCE – Rhode Island single-family home sales rose 16 percent in September compared with the same period in 2012, while house prices rose 13 percent, the Rhode Island Association of Realtors said Thursday.
There were 773 homes sold in September, up from 668 sales in September 2012. Sales volume has increased on a year-over-year basis for 26 of the last 27 months.
The median price of homes sold in September was $209,900, up from $185,000 last September. The September price increase marked 12 consecutive months of rising year-over-year prices.
“It’s undeniable that the housing recovery is well underway, but sales activity will likely begin to moderate in the months ahead,” said Rhode Island Association of Realtors President Victoria Doran. “In September, we saw an eight percent drop in sales contracts expected to close in the following months. We’ve been spoiled. We still have interest rates in the fours, which is much less than the historical norm, but people forget.”
In other areas of the market, multi-family building sales rose 26 percent. There were 126 multi-family properties sold in September, up from 100 in September 2012.
The median multi-family sales price rose 7 percent to $139,500 from $130,250 last September.
Year-over-year condominium sales rose 32 percent in September. There were 151 condominiums sold last month and 114 last September.
The median condominium sales price rose 10 percent year over year in September to $206,000 from $187,200.
Rhode Island Association of Realtors,