WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in June, rising 11.7% year over year, while sales decreased for the fifth consecutive month, the Rhode Island Association of Realtors said Thursday.
The median sales price in June rose to $430,000, as the number of homes sold fell by 17.6%, to 949, compared with the same month last year.
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The association said 1,599 single-family homes were listed in June. The supply of homes for sale last month was 0.25% more than 12 months earlier.
Agueda Del Borgo, president of the Rhode Island Association of Realtors, says there was a 1.8-month supply of homes on the market last month, up from a low of .84 months earlier this year. But the June total is still far from the six-month supply that characterizes a market balanced between supply and demand.
“Last month, we experienced the lowest number of sales in June since 2014. We’ve turned a corner, but we still have quite some time to go before we reach a balanced market. We’ve gained a little bit on the supply side but there’s still a significant shortfall,” said Del Borgo.
Condominium sales fell 30.8%, to 222, year over year in June, while multifamily home sales decreased by 15.1%, to 213, in that time. The median condominium sales price increased 6.8%, to $320,500, while the multifamily home sales price climbed 17.81%, to $430,000.
