WARWICK – Single-family home sales in Rhode Island rose marginally in November, while the median price of the transactions climbed nearly 6 percent.
The median price of a single-family house was $259,000 last month, according to the Rhode Island Association of Realtors, which released its monthly data on Wednesday. The number of sales completed rose 0.8 percent from November 2016.
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The sales of 3,154 houses included in the tally involved a Realtor in the transaction. Inventory of homes for sale and pending sales both dropped in November.
The inventory, or number of active listings, fell 8.3 percent below November 2016. The pending sales, a sign of future activity, dropped by 19 percent in November.
In the condominium market, sales and median price both increased in November, by 6 percent and 1.8 percent, respectively. The median price for a condominium rose to $229,000 in November, according to the association.
The multifamily market, by comparison, had a slowdown in activity. The number of transactions closed in November fell 9.9 percent to 146 buildings. The median price of those sales rose 26.9 percent to $232,150.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
