WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in April, rising 1.2% year over year, while sales fell for the 14th consecutive month, the Rhode Island Association of Realtors said Thursday.
The median sales price in April rose to $425,000, while the number of homes sold fell 30% to 534, compared with the same month last year.
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The agency said the lack of inventory remains the main problem in the market, with increased mortgage rates stalling more sales by causing those who refinanced at low rates to rule out a home sale in favor of staying in their current home. In April, only 957 single-family homes were for sale in Rhode Island, a 14.2% decline from those available for sale 12 months earlier.
“Though we don’t expect any significant drop in prices due to the low inventory available, we are seeing skyrocketing price hikes beginning to calm down,” said Bryant Da Cruz, 2023 president of the Rhode Island Association of Realtors. “That’s good news for those shut out of home ownership due to affordability constraints. Mortgage rates have shown some decline recently, which should also help buyers get their foot in the door. However, more homes on the market are desperately needed to give buyers more options.”
Year over year, condominium sales fell 36.6% to 129 in April, while multifamily home sales decreased by 32.9% to 121 in that time. The median condominium sales price increased 6.2% to $40,000, while the multifamily home sales price rose 5.8% to $450,000.
