PROVIDENCE – The median price of a single-family home in Rhode Island was $297,500 in July, a 6.5% increase year over year, according to the Rhode Island Association of Realtors Tuesday.
The were 1,159 single-family home sales in the month, a 10% increase from July 2018. The average days on market for a home increased 30.4% year over year to 60 days. RIAR said that the increase in prices for single-family homes were driven up by a lack of inventory. Listings on the market totaled 3,629 homes, a 10.6% decline from one year prior. Pending sales, a leading indicator of future sales, increased 2.5% year over year to 1089.
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There were 219 condominium sales in the Ocean State in July, a 1.4% decline from one year prior. The median price of a condo sold in the month was $240,000, a 11.9% increase year over year. Listings of condos declined 14.4% year over year to 757. Pending sales totaled 312, a 28.9% increase year over year.
RIAR said that new Federal Housing Administration loan policies for condos have been finalized by the U.S. Department of Housing and Urban Development and will go into effect in mid-October. It expects this will result in more condo sales in the future.
“Condos are a great alternative for first-time homeowners but until now, those buyers were hampered by cumbersome lending requirements. The new rules should help spark increased sales activity in that market,” said Dean deTonnancourt, president of RIAR.
Multifamily home sales totaled 203 in July, an 18.7% increase year over year. The median price for a multifamily home was $270,000 for the month, an 8% increase from July 2018. Listings totaled 511, a 25% decline year over year. Pending sales increased 6.9% year over year to 371 homes.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
