Home prices increase as homes sold decline in August

HOME PRICES IN RHODE ISLAND rose on a year-over-year basis in August even as the number of home sold fell, according the Rhode Island Association of Realtors.

WARWICK – The number of single-family homes sold in August fell to 1,078, a 3.6% decline from August 2018, even as the median price for a home rose 7.2% to $295,000, according to data released by the Rhode Island Association of Realtors on Thursday.

“The only thing hindering us right now is the lack of properties available on the market. Regardless of what happens to interest rates over the next year, we can’t sell what we don’t have available for sale,” said RIAR 2019 President Dean deTonnancourt in prepared remarks. “If there’s anyone thinking about selling, now’s the time.”

Condominium sales in August increased 13.7% to 232 across the state, while the median price grew 15.8% to $238,500. Multifamily home sales fell 8% on a year-over-year basis, although the median price rose 10% to $275,000.

The overall decline in sales is driven by low inventory, said RIAR, with single-family homes and condos registering a four-month supply of homes, and multifamily homes showing a three-and-a-half month supply in August. The Realtors association said that a six-month supply is considered a balanced market.

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