Single-family home sales climb 37% in February

SINGLE-FAMILY HOME sales rose nearly 37 percent in February, according to The Warren Group. / BLOOMBERG FILE PHOTO
SINGLE-FAMILY HOME sales rose nearly 37 percent in February, according to The Warren Group. / BLOOMBERG FILE PHOTO

PROVIDENCE – Single-family home sales rose nearly 37 percent in February, making it the best February in a decade, according to The Warren Group.
The Warren Group said on Thursday that single-family home sales totaled 569 in February compared with 416 in February 2015.
For the first two months of the year, 1,114 single-family homes were sold, compared with 881 during the year-ago period, a 26.5 percent increase.
“After a lackluster year in 2014, the Rhode Island housing market has gained significant ground last year and the beginning of this year,” Timothy Warren Jr., CEO of The Warren Group, said in a statement. “Low interest rates, an improving economy and pent-up demand are all contributing factors to this recovery. Prices remain below the peak of 2007, and buyers are snapping up deals as they become available.”
The median sale price of single-family homes in Rhode Island reached $205,000 in February compared with $189,500 in February 2015, an increase of 8.2 percent.
Providence County led the state with 295 single-family home sales in February compared with 178 a year ago, a nearly 66 percent increase. The median sale price in the county rose 8.8 percent, to $185,000.
Among the communities, Warwick had the most sales with 81 in February, a 19.1 percent increase from a year ago.
Condominium sales climbed 48.4 percent in February with 92 transactions compared with 62 in February 2015. Year-to-date sales of condos rose 28.6 percent, with 189 sales compared with 147 during the same time period last year.
Condo prices fell 5.9 percent in February, to a median selling price of $175,000 compared with $185,950 in February 2015.
Kent County experienced the greatest percentage increase in condo sales at 85.7 percent, to 13 in February from seven during the year-ago period.

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