WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in August, rising 11.1% from a year earlier, while sales fell for the 18th consecutive month, the Rhode Island Association of Realtors said Tuesday.
The median sales price in August rose to $450,000, while the number of homes sold totaled 726, falling 25.2% compared with the same month last year.
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The Realtors association said Tuesday that the supply of homes for sale in August increased to 1.8 months, up just slightly from July’s 1.7-month supply, though well below the 3.3-month national supply average.
“Despite the fact that prices remain high, prospective buyers should be aware that many economists are predicting falling mortgage rates next year,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors. “If they can manage to secure a home now, and start building equity, they could have the chance to refinance next year. On the other side of the coin, sellers looking to relocate or downsize could use the huge gains in equity they’ve realized in recent years, to make a change that helps counter the increased rates.”
Year over year, condominium sales fell 10.47% to 154 in August, while multifamily home sales decreased by 33.8% to 198 in that time. The median condominium sales price increased 22.7% to $313,338, while the multifamily home sales price rose 11.9% to $475,000.
