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By Patrick Anderson
PBN Staff Writer
WARWICK – Single-family home sales in Rhode Island rose 28 percent in February compared with the same period in 2011, the eighth consecutive month of year-over-year sales increases, the Rhode Island Association of Realtors said Tuesday.
With the rise in volume, a good portion of it made up of distressed sales, the median single-family home price fell 17 percent in February from a year earlier to $170,000. That’s the lowest median sales price since April 2002.
There were 434 single-family homes sold in February, up from 340 last February. The 145 distressed sales, including foreclosures and short sales, represented a 37 percent increase from last February.
Pending single-family home sales, which represent agreements that have not closed, were up 27 percent year over year.
“Many of the major trends are going in the right direction, or if they’re not now, it appears that they soon will be,” said Realtors Association President Jamie Moore. “Extended periods of increased sales are typically followed by rising prices. It seems that we are definitely in a period of market correction and will move further along in the recovery as financially distressed homes are removed from the market.”
In other areas of the market, condominium sales rose 12 percent compared with February 2011 as the median price fell 26 percent to $125,000. There were 22 distressed condominium sales in February compared with 14 last February.
Sales of multi-family homes rose 20 percent in February compared with the same period in 2011, and the median multi-family sales price rose 8 percent to $104,000.