BOSTON – For the first half of 2007, sales of single-family Rhode Island homes are down 6.7 percent compared with the same period in 2006, while condo sales are up 2.3 percent compared with the same six months of last year, according to a report today by The Warren Group.
Local sales of single-family homes dropped from 4,734 in 2006 to 4,418 this year. The decline in June was an even sharper 11.4 percent, to 962 sales from 1,086 in June 2006.
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Though condo sales rose in the first half, from 1,207 last year to 1,241 this year, they fell in June almost as sharply as sales of single-family homes, plunging 11.2 percent to 239, from 269 in the same month last year.
Timothy Warren Jr., CEO of The Warren Group, said in the report that, although the demand for condos is on a “steady track,” the market for single-family homes seems to be stuck in the same slump that prevails across most of New England.
“We’ll probably see more of the same trend through the rest of this year, but we’ll have to keep an eye on foreclosure rates,” Warren said. “A glut of too many distressed properties on the market could cause prices to fall further.”
Both condo and single-family home prices fell in the first half of 2007, with median condo prices dropping 4.3 percent, from $235,000 to $225,000, and median prices for single-family homes dropping 3.4 percent, from $269,000 to $260,000.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at www.TheWarrenGroup.com.
