R.I. home sales fall in April due to rising prices, interest rates

THE MEDIAN PRICE of single-family homes sold in Rhode Island continued to climb in April, rising 20.3% year over year, while sales decreased for the third consecutive month amid rising interest rates, the Rhode Island Association of Realtors said Thursday. / PBN FILE PHOTO

WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in April, rising 20.3% year over year, while sales decreased for the third consecutive month amid rising interest rates, the Rhode Island Association of Realtors said Thursday.

The median sales price rose to $420,000 as sales decreased by 12.5%, to 748, in April, compared with the same month last year.

The association said 1,115 single-family homes were listed in April. The supply of homes for sale last month was 1.5% less than 12 months earlier, the first month since October 2019 that the number of homes for sale had not declined year-over-year by double-digit amounts, the report noted.

“I think we’re starting to see the correction begin. Unaffordable prices are sidelining prospective buyers,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors. “The plus side is that as demand is reduced, the market will rebalance. The negative side is that unfortunately, with the high price of rents as well, too many people are having trouble securing housing now.”

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Condominium sales fell 9.33% to 204 year over year in April, while multifamily home sales decreased by 18% to 173 in that time. However, median sales prices increased for both sectors. The median condominium sales price rose 11% to $319,000, while the multifamily home sales price climbed 19.7% to $425,000.

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