Realtors: Sales, prices of homes continues upward move in Nov.

WARWICK — The sale of single-family homes in Rhode Island strengthened in November, climbing 12 percent over the same period in 2014. Median sale prices rose as well, increasing 6 percent to $220,000, according to the Rhode Island Association of Realtors.
The number of pending sales, those under contract in November, rose to 1,232 from 1,119 last November.
Association President Art Yatsko, in a statement, said the state is experiencing one of the healthiest real estate markets in years. Sales activity may have jumped slightly, due to the anticipation of a moderate rise in interest rates in 2016, he said, but a strong supply of housing stock should keep the market balanced.
“Unlike most of the country, which experienced a sharp decline in inventory, Rhode Island’s housing market still has a good balance between supply and demand,” Yatsko said. “We haven’t seen a deep shortage of housing stock so we shouldn’t see prices skyrocket. Even with the recent small increase in the federal rate, homes will remain affordable.”
In other housing categories, sale of multi-family homes increased to 114 in November, an increase of 32.5 percent from the 86 sold in November 2014. Median sale prices increased to $175,00 from $152,000.
Condominium sales rose as well, to 113 units, 15 percent more than in 2014. Median sale prices fell to $201,000 from $239,700.

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