WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in May, rising 14.8% year over year, while sales decreased for the fourth consecutive month, the Rhode Island Association of Realtors said Thursday.
The median sales price in May rose to $419,000 as the number of homes sold decreased by 14.2%, to 813, compared with the same month last year.
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The association said 1,409 single-family homes were listed in May. The supply of homes for sale last month was 63.2% more than 12 months earlier. May’s inventory of single-family homes for sale was the highest it has been since October of last year, the report noted.
“Sales last year were fueled by low interest rates. That market motivator is quickly dissipating. With the Federal Reserve hiking interest rates an additional three-quarters of a point this week, we’ll see the trend of multiple offers over asking price slow down considerably, which will in turn increase inventory further,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors.
Condominium sales rose 6.6% to 210 year over year in May, while multifamily home sales decreased by 14.2% to 169 in that time. The median condominium sales price fell 6.2% to $328,000, while the multifamily home sales price climbed 22.86% to $430,000.
