Realtors: R.I. home sales ‘getting back to normal’ in 2Q

THE RHODE ISLAND Association of Realtors said Wednesday that single-family home sales dropped 4.4 percent year over year in the second quarter, a decline that Realtors President Robert Martin said represented sales
THE RHODE ISLAND Association of Realtors said Wednesday that single-family home sales dropped 4.4 percent year over year in the second quarter, a decline that Realtors President Robert Martin said represented sales "getting back to normal." / BLOOMBERG NEWS FILE PHOTO/JACOB KEPLER

WARWICK – Second-quarter sales of single-family homes in Rhode Island fell 4.4 percent compared with the same period in 2013, the Rhode Island Association of Realtors said Wednesday.

Homes sold during the three months ended in June totaled 2,360 this year, down from 2,469 last year. However, the median single-family sales price rose 5.3 percent in the second quarter to $220,000 from $209,000 a year earlier.

“We’ve made some solid gains in price since the housing recovery began. Now sales activity is beginning to moderate which is typical in this type of cycle,” said Robert Martin, president of the Rhode Island Association of Realtors. “Homes were selling at a frenzied pace for a while but now we’re truly getting back to normal.”

In other areas of the market, multifamily building sales dropped 3.14 percent in the second quarter compared with the same three months last year. There were 339 multifamily homes sold between April and June, fewer than the 350 sold the year prior.

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The median multifamily sale price climbed 13.7 percent in the second quarter to $145,000 from $127,500 in 2013.

Meanwhile, the median condominium sale price dropped 6.2 percent to $189,950 compared with $202,500 for the second quarter last year. Condominium sales also declined for the period, falling 5.3 percent to 450 condominiums sold from 475 for the three months through June 2013.

“Price changes in just a few condo developments can change the numbers significantly. If we saw prices or sales falling off a cliff, that would be cause to pay attention. These numbers are just off slightly,” said Martin, who added that Realtors are generally feeling optimistic about the market in the months ahead.

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