Realtors: Single-family home sales up in May

THE NUMBER of pending sales, as measured by houses under contract, rose 12.5 percent in May, to 1,755 houses.
THE NUMBER of pending sales, as measured by houses under contract, rose 12.5 percent in May, to 1,755 houses.

WARWICK – Year-over-year sales of single-family homes in the Ocean State rose 6 percent in May, and pending sales climbed as well, an indication of continued strengthening in the housing market, according to the Rhode Island Association of Realtors.
The number of pending sales, as measured by houses under contract, rose 12.5 percent in May, to 1,755 houses. It is the largest number of houses under contract since record-keeping began by the organization in 2005, according to a news release.
The median price for single-family homes also rose in May, to $227,500. This represents a 9 percent increase over the same month last year.
In the condo market, sales rose 5 percent to 160 closings in May, tempering what had been a fluctuating market. The median price rose as well, up 11 percent to $221,000.
In the multi-family market, sales fell back nearly 19 percent, to 91 closings. The median price for these structures rose slightly, by 3 percent, to $152,000.
Both condos and multi-family houses reported increased pending numbers, as well.
The Realtors association described the pattern of sales as an indication that Rhode Islanders are taking advantage of low interest rates on mortgages and are returning to the housing market.
“We don’t have winners and losers at this stage in the game. We’re seeing favorable conditions for both buyers and sellers,” said Bruce Lane, the association’s president.

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