Home News Story R.I. median home sale price remains same in March, but inventory drops

R.I. median home sale price remains same in March, but inventory drops

By

James Bessette

-

04/18/2024

Home Sales — RHODE ISLAND Association of Realtors said Thursday there were 530 home sales in March, noting that the available supply of homes on the market remains “critically low” entering the spring selling season. ASSOCIATED PRESS FILE PHOTO / MIKE STEWART

WARWICK – While the month of February offered a brief glimmer of hope for increased home inventory, March returned to an unfortunate normal. In its monthly home sales update released Thursday, the Rhode Island Association of Realtors says there were 530 home sales in March, noting that the available supply of homes on the market

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WARWICK – While the month of February offered a brief glimmer of hope for increased home inventory, March returned to an unfortunate normal. In its monthly home sales update released Thursday, the Rhode Island Association of Realtors says there were 530 home sales in March, noting that the available supply of homes on the market remains “critically low” entering the spring selling season. Single-family-home sales saw a 4.9% annual drop from March 2023 and sales in process but not completed by the end of the month dropped by 7.2% year to year. The association says that is an indication that the market will remain slow through April. Also, the association noted the median price of single-family homes sold in Rhode Island in March was $440,000, the same as it was in February. But that figure is up 11.4% from March 2023. “Sales could remain hampered through the spring market thanks to the recent news that the Federal Reserve reported an uptick in inflation in March, which means no immediate cuts to mortgage rates. On the positive side, a recent rise in mortgage rates may help increase inventory, which is desperately needed,” Rhode Island Association of Realtors President Sally Hersey said in a statement. It was worse for the multifamily home market. The association says multifamily home sales fell 19% from March 2023 – 98 such homes sold last month – and the median sales price rose 18.9% to $535,000. Although, pending sales for multifamily homes rose 5.6%, according to the association. The association says multifamily homes remain attractive because they mitigate mortgage payments with rental income for owner-occupied properties and generate rental income for investors. Year-over-year, condominium sales increased 0.9% to 125 in March. The median condominium sales price increased 6.8% to $341,000. James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.