WARWICK – Single-family home sales in Rhode Island continued to strengthen in August, with a 14.5 percent increase in volume.
The number of closings rose to 1,112 homes in August, up 141 from the previous year. The median sale price rose by 4.3 percent, to $245,000, according to the Rhode Island Association of Realtors.
Home sales have been increasing every month in the Ocean State, compared to the prior year, since November 2014, according to the association.
Buyers may be reacting to talk of interest rate increases, and possibly even uncertainty over the upcoming election, according to association president Arthur Yatsko.
Home sales have been brisk this summer across all markets, including condos, where easier financing has made sales soar, he said.
“Some of the more stringent lending requirements that were holding up condo sales have been eliminated, so buyers have more access to affordable units,” he said in a news release.
Condo sales rose 18.7 percent in August. The median sale price decreased by 2.4 percent to $199,749.
Multifamily sales increased 11.7 percent in August. The median sale price rose 9.9 percent, to $197,750.
