Home prices rise as R.I. housing market cools

THE MEDIAN price of single-family homes sold in Rhode Island continued to climb in September, rising 8.1% year over year, while sales fell for the seventh consecutive month, the Rhode Island Association of Realtors said Friday. / AP FILE PHOTO / STEVEN SENNE

WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in September, rising 8.1% year over year, while sales fell for the seventh consecutive month, the Rhode Island Association of Realtors said Friday. 

The median sales price in September rose to $416,000, while the number of homes sold fell 20.2%, to 840, compared with the same month last year. 

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The association said 1,478 single-family homes were listed in September. The supply of homes for sale last month was 18% less than 12 months earlier. 

“The pandemic brought vast numbers of buyers from out of state, which further depleted an already low inventory of homes for sale,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors. “Now, with mortgage rates rising rapidly and the threat of recession on the horizon, the housing market has slowed considerably.”  

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Condominium sales fell 32.2%, to 164, year over year in September, while multifamily home sales decreased by 37.3%, to 163, in that time. The median condominium sales price increased 27.6%, to $344,500, while the multifamily home sales price rose 11.8% to $425,000. 

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