WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in May, rising 2% from a year earlier, while sales fell for the 15th consecutive month, the Rhode Island Association of Realtors said Thursday.
The median sales price in May rose to $427,250, while the number of homes sold totaled 668, falling 17.8% compared with the same month last year.
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The agency said the supply of single-family homes for sale remained unchanged from the prior year at 1.5 months, still well below a balanced market supply of six months. Pending sales, which indicate the pace of the market in the weeks ahead, fell 16%, continuing a 17-month trend of decelerating activity.
“Market conditions haven’t changed much other than the fact that the rampant escalation in prices that we saw over the past few years has finally started to slow,’ said Bryant Da Cruz, president of the Rhode Island Association of Realtors. ”Rising interest rates have pushed buyers out of the market helping to ease demand slightly, but unfortunately, mortgage rate hikes are keeping prospective sellers in their homes as well, keeping much-needed inventory off limits. With these conditions, a balance between supply and demand will remain elusive.”
Year over year, condominium sales fell 21.9% to 124 in May, while multifamily home sales decreased by 36.6% to 107 in that time. The median condominium sales price increased 4.9% to $319,950, while the multifamily home sales price rose 2.3% to $440,000.
