WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in February, rising 15% year over year, while sales decreased amid record-low housing inventory, the Rhode Island Association of Realtors said Thursday.
The median sales price rose to $368,000, while the number of sales decreased by 10.6% to 555 in February compared with the same month last year. However, the median price slightly fell month to month from $370,000 in January, the association said.
The association said only 789 single-family homes were listed in February, a record-breaking low since 1998, the year the group began keeping inventory records.
“More people will face housing affordability issues as inventory continues to deplete and interest rates rise. We desperately need more housing in Rhode Island, particularly for low- and middle-income earners so that our businesses can attract and retain workers,” Agueda Del Borgo, president of the Rhode Island Realtors Association, said in a statement.
Condominium sales fell 5.2% to 147 year over year in February, while multifamily home sales decreased by 3.9% to 150 in that time. However, median sales prices increased for both sectors. The median condominium sales price rose 27.1% to $305,000, while the multifamily home sales price climbed 22.4% to $410,000.
