WARWICK – The Rhode Island Association of Realtors released figures today that show sales of existing single-family homes, multifamily homes and condos in July rose compared with the same year-ago period.
Sales of single-family homes increased 8.8 percent from July 2008 to July 2009, while the median home price slipped 14.3 percent to $210,000. The association said there is a six-month supply of single-family homes on the market.
Sales of multifamily homes increased 42.6 percent and sales of condos rose 6.2 percent over the same period. The association’s data only includes transactions involving Realtors.
Paul Leys, president of the RIAR, said the new figures are a sign that the state’s housing market is improving.
“We’re thrilled to see consistent indications of recovery,” he said in a statement. “We continue to have two markets out there, distressed and non-distressed, but the number of sales forced by an inability to make the mortgage payment is decreasing.
“Supply and demand for single-family homes has come into balance,” Leys continued. “Decreased inventory, diminishing distressed sales and what appears to be restored consumer confidence have led to what is now just over a 6-month supply of homes on the market.”
The association said the number of single-family homes sold through foreclosure or short sales fell from more than 44 percent of the market in March to just over 30 percent in July. But the portion of distressed sales in the multifamily market remained high, at 71 percent in July.
The median price of multifamily homes rose to $100,000 in July from a 2009 low of $69,900 but remained below the year-earlier median price of $140,000. The association said there is a 4.6-month supply of multifamily properties for sale.
The median sales price of condominiums was $170,000 in July, down from $195,000 the previous month and $225,000 a year earlier. The association said there is a 12-month supply of condos for sale.
The Rhode Island Association of Realtors has more than 4,700 member Realtors, who in 2008 were involved in more than 10,000 transactions totaling $2.8 billion. Additional information is available at RILiving.com.
