WARWICK – Sales of single-family homes in Rhode Island rose again in July, by 7.5 percent in volume and 9.8 percent in price, according to the Rhode Island Association of Realtors.
Statewide, 1,140 houses were sold in July, and the median price rose to $262,500, according to the association. The statistics compare year-to-year figures.
Signs of moderation in activity emerged, however, according to association President Arthur Yatsko. The percentage of pending sales increased by 0.5 percent, sign of flattening activity as the market enters the fall months.
Rhode Island also continues to have a limited supply of houses for sale, he said. The number of listings decreased this July to 4,604 houses, a decline from 4,662 a year earlier. Listings have decreased every month since January 2015, and the decline is hampering sales, Yatsko said.
“The buyers are out there,” he said. “We’re seeing multiple offers and reduced selling times. If homeowners list their house with a realistic price, they should see plenty of traffic. The market could definitely use more inventory.”
In other markets, condominium sales fell 6.6 percent in July to 171 closings. The median price also fell slightly, to $198,900.
In the investor-driven multifamily market, sales fell 9.7 percent to 131 closings. The median price advanced 10.1 percent to $190,000.
