June home sales fall by nearly 15% Y/Y; median price rises to $309,000

WARWICK The volume of home sales fell 14.6% year over year in June, continuing a decline related to the COVID-19 pandemic, although to a smaller extent than in May.

The improvement on the heels of May’s 30% drop, compared to 2019 figures, was interpreted by real estate experts as a sign that the pandemic’s impact is softening.

Comparing May to June this year, closings rose 30%, according to the Rhode Island Association of Realtors. And pending sales, an indication of future activity, rose 13.7% compared to June 2019.

The median price of a single family house rose 3.2% year over year to $309,000. Monthly medians have been rising consistently for much of the past year, fueled by low interest rates, a lack of available homes for sale and pent-up demand from buyers, said Shannon Buss, the association president.

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In listings, 2,335 houses were on the market and available for sale in June, compared to 3,362 in June of 2019, a decline of 30%.

“In all the ways the coronavirus has impacted the housing market, its impact on the supply of available properties is the most severe,” Buss said. “There is no question that the pandemic has reduced an already low supply of homes for sale by causing potential sellers to delay or reverse their plans to sell.”

In condominium sales, the number of units sold in June fell by 38% year over year to 158. The median price rose by 5% over the year to $250,000. As with single-family homes, the number of listings in this market has fallen substantially compared to 2019. There were 631 units for sale in June, compared to 810 in June of 2019.

In multi-family housing, a market that appeals to investors, sales fell by 19% over the year, to 123 structures.

The median price rose by 7.8% year over year to $300,000.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

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