R.I. home prices rise 7.3% in July while sales continue to fall

DATA SHOWED that the median price of single-family homes sold in Rhode Island continued to climb in July, rising 7.3% from a year earlier, while sales fell for the 17th consecutive month. / AP FILE PHOTO
DATA SHOWED that the median price of single-family homes sold in Rhode Island continued to climb in July, rising 7.3% from a year earlier, while sales fell for the 17th consecutive month. / AP FILE PHOTO

WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in July, rising 7.3% from a year earlier, while sales fell for the 17th consecutive month, the Rhode Island Association of Realtors said Tuesday. 

The median sales price in June rose to $440,000, while the number of homes sold totaled 670, falling 27.8% compared with the same month last year. 

The agency said Tuesday that July’s 1.7-month supply was the highest level reached since October of last year. A six-month supply is generally considered to be a market balanced between supply and demand.

“Mortgage rates have been creeping up further this summer, which has slowed sales activity. While that has increased the supply of available homes a little bit, we’re watching rates carefully as housing costs have been a main driver of the increase in inflation,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors. “The housing market helps drive the economy, so it’s important that we’re able to keep sales moving.”

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Year over year, condominium sales fell 28.72% to 139 in July, while multifamily home sales decreased by 25.1% to 128 in that time. The median condominium sales price increased 17.4% to $376,450, while the multifamily home sales price rose 11.1% to $500,000.

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