R.I. home sales rise 24% in February

THE R.I. ASSOCIATION OF REALTORS said single-family home sales increased 24 percent to 595 in February, and the median sales prices rose 12 percent, to $217,300. / COURTESY R.I. ASSOCIATION OF REALTORS
THE R.I. ASSOCIATION OF REALTORS said single-family home sales increased 24 percent to 595 in February, and the median sales prices rose 12 percent, to $217,300. / COURTESY R.I. ASSOCIATION OF REALTORS

PROVIDENCE – Single-family home sales in Rhode Island rose 24 percent in February, and median prices climbed as well, both indications of what the Rhode Island Association of Realtors described as a “robust market.”
The median sales price increased by 12 percent to $217,300 in February, compared to February 2015. The number of single-family home sales rose to 595, compared to 491 last February.
In addition, pending sales rose 19 percent, according to Art Yasko, state president of the association, which tracks Realtor-assisted sales.
The strengthening market was seen across all residential property classifications.
“With last year’s harsh weather hitting New England at the end of January, 2015’s first quarter housing market slowed considerably,” he said, in a statement. “This year’s housing indicators portray a more vibrant market with increased sales, higher prices and fewer foreclosure and short sales.”
Multi-family sales also rose dramatically, up 31 percent. Twenty-two percent of the sales were distressed sales, falling from 30 percent in February 2015.
The median price of a multi-family structure reached $165,000, up from $150,500 last year.
Condo sales rose 57 percent in February, with 107 units sold. The median price increased 5 percent, to $190,000, according to the association.
Condo sales under contract rose by 10 percent.
“People are entering the market in droves,” Yasko said. “There are a number of new programs for first-time home buyers and even many who went through a distressed sale during the recession are able to get back into home ownership at this point.”

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