WARWICK — The sale of single-family homes dropped 4.2 percent in July, according to the Rhode Island Association of Realtors, while the median prices rose slightly.
The July figures, compared to transactions recorded a year previously, revealed a slowdown that the association said could be attributed to lack of inventory available for purchase.
July had the fewest number of single-family homes listed for sale than at the beginning of any third quarter since 2004, reported Brenda L. Marchwicki, president of the association.
The July median price for single-family houses was $270,000, about 3 percent higher than last year. The number of units sold, 1,092, was a 4.2 percent drop over July 2016, according to the association.
The state’s inventory of listings was 3,886 in July, down 15.6 percent from last year, the association reported.
“Clearly Rhode Island continues to struggle with maintaining an adequate supply of homes for sale,” Marchwicki said. “Until we turn the corner on that issue, prices will continue to rise.”
In condominium sales, the state’s market saw a 9.9 percent jump in volume and an 11.2 percent increase in median sale prices, to $221,250.
In multi-family homes, an indication of investor interest, the market reported an 8.4 percent gain in sales and a 20 percent increase in median prices, to $227,950.
The number of multifamily properties listed for sale has also fallen, down 21 percent since last year.
Mary MacDonald is a PBN staff writer. Contact her at macdonald@pbn.com. Follow on Twitter at MaryF_MacDonald.
