WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in October, rising 7.4% from a year earlier, while sales fell for the 18th consecutive month, the Rhode Island Association of Realtors said Thursday.
The median sales price in October rose to $435,000, while the number of homes sold totaled 645, falling 17% compared with the same month last year.
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The Realtors group said Thursday that the supply of homes for sale held steady in October, with a two-month supply for the second consecutive month, though well below the five-to six-month average that typically marks a balanced market.
“Most people are shocked by the amount prices have risen, particularly in the past five years, but it’s simply supply and demand economics,’ said association President Bryant Da Cruz. “There just aren’t enough properties on the market to meet demand and with homeowners reluctant to sell and lose their low mortgage rates, listings are hard to come by. Thankfully, we’ve seen rates drop recently and thanks to cooling inflation, many economists are forecasting that they will continue to drop further in 2024. That’s critical to help the housing market start moving again.”
Year over year, condominium sales fell 7.56% to 159 in October, while multifamily home sales decreased by 6.15% to 122 in that time. The median condominium sales price increased 18.7% to $380,000, while the multifamily home sales price rose 10.2% to $482,500.
