R.I. home prices rise 9.7% in November amid ongoing sales drop

THE MEDIAN PRICE of single-family homes sold in Rhode Island continued to climb in November, rising 9.7% year over year, while sales fell for the ninth consecutive month, the Rhode Island Association of Realtors said Thursday. / AP FILE PHOTO / STEVEN SENNE

WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in November, rising 9.7% year over year, while sales fell for the ninth consecutive month, the Rhode Island Association of Realtors said Thursday.

The median sales price in November rose to $411,450, while the number of homes sold fell 34.8%, to 660, compared with the same month last year.

The association said 1,258 single-family homes were listed in November. The supply of homes for sale last month was 5.06% less than 12 months earlier.

“Many people question how sales could slow like they have, yet prices continue to climb,” said Bryant Da Cruz, president of the Realtors association. “It’s important to remember that though the median price is rising, that figure represents the midpoint cost of homes sold, not necessarily a change in the value of individual homes.

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“The National Association of Realtors released data this week that noted that first-time homebuyers have fallen to just 26% of the market, from 34% a year ago. The increase in median price is in part due to more move-up homes selling than starter homes and of course, the lack of supply is also keeping prices elevated,” Da Cruz said.

Condominium sales fell 34.8%, to 155, year over year in November, while multifamily home sales decreased by 36.6%, to 128, in that time. The median condominium sales price increased 12.4%, to $330,000, while the multifamily home sales price rose 3.9% to $400,000.

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