WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in July, rising 6.8% year over year, while sales decreased for the sixth consecutive month, the Rhode Island Association of Realtors said Wednesday.
The median sales price in July rose to $410,000, as the number of homes sold fell by 13.4%, to 928, compared with the same month last year.
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The association said 1,593 single-family homes were listed in July. The supply of homes for sale last month was 7.5% less than 12 months earlier.
Agueda Del Borgo, president of the Rhode Island Association of Realtors, said in a statement Wednesday that rising interest rates and high inflation are making their mark on the housing market and causing affordability problems for many buyers.
“Those same factors are also affecting some prospective sellers who are choosing to wait to see what happens with the economy and rates before making a move,” Del Borgo said. “At this point, however, supply is still extremely low, so prices may moderate, but barring any unforeseen events, we don’t expect to see them drop significantly.”
Condominium sales fell 16.3%, to 195, year over year in July, while multifamily home sales decreased by 31.1%, to 171, in that time. The median condominium sales price increased 16.3%, to $319,900, while the multifamily home sales price climbed 21.6%, to $450,000.
