WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in August, rising 3.9% year over year, while sales fell for the seventh consecutive month, the Rhode Island Association of Realtors said Wednesday.
The median sales price in August rose to $405,000, while the number of homes sold fell by 11.4%, to 970, compared with the same month last year.
The association said 1,483 single-family homes were listed in August. The supply of homes for sale last month was 15.8% less than 12 months earlier.
“Though inventory is increasing slightly, options are still extremely sparse. That, and the increase in mortgage rates, is reducing the number of buyers in the market,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors. “However, there may be options, even with increased rates, to lock into stable housing payments through home ownership and in doing so, gain the chance to build wealth through equity. They should also be aware, if they’re waiting for prices to fall substantially, that likely won’t happen any time soon given the housing shortage.”
Condominium sales fell 17.7%, to 172, year over year in August, while multifamily home sales decreased by 10.8%, to 198, in that time. The median condominium sales price increased 15.2%, to $313,338, while the multifamily home sales price climbed 10.9%, to $424,500.
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