WARWICK – The number of single-family houses sold in Rhode Island dropped by 13 percent in September, but prices increased under steady demand, according to the Rhode Island Association of Realtors.
The sales volume fell in September to 854 houses from 980 sales one year prior, according to figures released Friday. The median sale price rose by 3.5 percent year over year to $270,500 from $261,300, the association reported.
Inventory increased by 7 percent to 4061 listings, a welcome statistic given constraints on the number of listings, according to Joseph Luca, president of the association.
In the multi-family market, sales volume increased in September, compared to the year prior. A total of 166 units closed in the month, up 9.9 percent from 151 sold last September. The median sale price rose as well, to $254,950 from $219,900 in September 2017.
Condominium sales also were strong. The number of units sold climbed by 2.4 percent to 211. The median sale price dropped slightly, to $223,000.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com
