click here. / " title="PRICES for single-family homes reached their highest level in July since August 2008, the Rhode Island Association of Realtors said Friday. For a larger version of the above graphic click here. /"/>WARWICK – Rhode Island home sales gave off mixed signals in July, as single-family units fell 34 percent year over year, as the median sales price rose to its highest level in nearly two years, according to statistics released Friday by the Rhode Island Association of Realtors.
The median sales price of single-family homes hit $227,500 in July, compared with $210,000 in July 2009. Prices have not been that high since August 2008, when the median price stood at $235,000. The price has increased every month but one since November.
Distressed sales – foreclosures and short sales – declined 54 percent from a year ago.
“Our data has shown strong signs of steady recovery over several months, and we see no reason for a substantial, long-term change in that direction,” association President Karl Martone said.
In the Rhode Island condominium market, sales fell 18 percent compared with July 2009, although the median sales price rose 35 percent to $230,000. July sales of multifamily homes declined 49 percent year over year, the largest drop in 2010. The median price rose 27 percent to $127,000.
The drop in sales comes after the federal homebuyer tax credit expired on April 30. Buyers initially had until June 30 to formally close the deal but Congress later extended the deadline to Sept. 30. Still, many in the real estate market expected to see a drop in sales after buyers under contract wrapped up their sales by the initial June deadline.
The local Realtor numbers come the same week the National Association of Realtors said sales of existing homes and condominiums across the nation tumbled 26 percent in July compared with a year earlier. July sales were at their lowest level since Realtors started tracking the information in 1999.
