Realtors: homes sales increase in June, but activity is slowing

WHILE HOME SALES INCREASED IN JUNE in the Ocean State on a year-over-year basis, the rate of increase is declining, according to the latest data from the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
WHILE HOME SALES INCREASED IN JUNE in the Ocean State on a year-over-year basis, the rate of increase is declining, according to the latest data from the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Residential sales activity began to moderate in June from previous highs, possibly reflecting tighter inventory of houses listed for sale, according to the Rhode Island Association of Realtors.
Single-family home sales in the Ocean State rose by 2.6 percent in June, as compared to the previous June. The median sales price climbed 3.6 percent to $245,000.
Although the trend was upward, activity was less brisk than in previous months. Both sales and median price activity had jumped up by double-digits for most of the first half of the year, according to Arthur Yatkso, president of the Realtors association.
“Though sales are still up over last year, the Rhode Island market lost a bit of momentum in June,” he said, in a statement. “It appears that tightening inventory may be beginning to impact sales.”
The state had a total of 4,662 houses listed for sale in June, 13.7 percent fewer than the 5,403 listed last June.
In other categories, the multi-family market remained flat, with 0.65 percent more sales than the previous year. The median sales price rose 8.8 percent to $185,000.
In condominiums, sales increased 22.1 percent, while the median sales price fell 5.3 percent to $207,900.

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