R.I. single-family home sales increase 23% in May

SINGLE-FAMILY home sales climbed nearly 23 percent in May in Rhode Island, according to The Warren Group. / BLOOMBERG FILE PHOTO/DERICK E. HINGLE
SINGLE-FAMILY home sales climbed nearly 23 percent in May in Rhode Island, according to The Warren Group. / BLOOMBERG FILE PHOTO/DERICK E. HINGLE

PROVIDENCE – Single-family home sales in Rhode Island climbed nearly 23 percent in May, representing the 13th consecutive month of positive gains, The Warren Group said Tuesday.
Timothy Warren Jr., CEO of The Warren Group, said low interest rates and an improving economy are fueling sales.
The Warren Group said 959 single-family homes were sold in May compared with 781 in May 2015.
Year to date, sales rose 33.7 percent, with 3,641 homes sold compared with 2,723 during the prior-year period.
“After a strong recovery in 2015, the Rhode Island housing market is shaping up to be an even stronger selling year in 2016,” Warren said in a statement. “Prices remain below their peak and buyers are taking full advantage.”
The median sale price of a single-family home increased 4.4 percent to $234,900 in May compared with $225,000 in May 2015. Year to date, prices have risen 7.1 percent to $225,000.
There were 76 single-family home sales in Providence in May compared with 47 a year ago, a 61.7 percent increase. The median sale price fell 7.8 percent over the year, to $159,000 from $172,500.
In Providence County, single-family home sales rose 26 percent to 455 from 361, with prices rising 3.9 percent over the year to $200,000 from $192,500.
There were 164 condominium sales statewide in May compared with 137 in May 2015, a nearly 20 percent increase. For the first five months of the year, condo sales in Rhode Island climbed 27.8 percent, with 606 sales compared with 474 during the same period last year.
“Much like the single-family market, the condo market posted a strong increase in May compared to last year,” Warren said. “While the sample size is still modest in 2016, trends are shifting to a condominium market that can accommodate residents of Rhode Island on a greater level.”
Condo prices fell 3.4 percent over the year to $192,700 in May. Year to date, the median price of a condo decreased 6 percent to $184,000.
Providence condo sales were relatively flat, as 33 were sold in May compared with 31 in May 2015.

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