WARWICK — Sales of single-family, condos and multifamily homes rose across-the-board in Rhode Island in August, with gains in both units sold and median sales price.
The number of single-family homes that sold increased by 3.96 percent, to 1,156 units in August, according to the Rhode Island Association of Realtors. The median price rose to $260,000 over the previous August, an increase of 6.12 percent.
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In the condo market, the volume of sales rose 11.41 percent, to 205 units, compared to August 2016. The median price rose by a full 10 percent, to $220,000.
In the investor-heavy multifamily market, the number of buildings sold rose 6.79 percent, to 173. The median sales price climbed 11.25 percent, to $220,000.
Overall, the residential market in Rhode Island is continuing to experience a tightening supply of available properties, according to association President Brenda L. Marchwicki.
The inventory of single-family homes for sale dropped by 14.4 percent compared to last August, she said, continuing an 18-month pattern.
This is driving up median sale prices.
“While sales activity has been up and down following last year’s record-breaking year, prices have been consistently on the rise,” she said, in a released statement.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com. Follow on Twitter at MaryF_MacDonald.
