WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in June, rising 3% from a year earlier, while sales fell for the 16th consecutive month, the Rhode Island Association of Realtors said Thursday.
The median sales price in June rose to $442,750, while the number of homes sold totaled 834, falling 12.1% compared with the same month last year.
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The agency said Thursday Rhode Island’s annual price appreciation runs counter to the national trend of year-over-year declines in recent months.
“Though the median home sales price nationwide has been declining, the opposite is happening in Rhode Island. The rate of increase began to taper off in the past year however, so Rhode Island’s trends are most likely just running a bit behind the rest of the country,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors. “Even if the price appreciation continues to moderate, with just 1.4 months of inventory on the market, prices aren’t likely to decline significantly barring a significant economic shift.”
Year over year, condominium sales fell 16.2% to 186 in June, while multifamily home sales decreased by 42.2% to 123 in that time. The median condominium sales price increased 17.5% to $320,500, while the multifamily home sales price rose 16.2% to $500,000.
