CLICK HERE. / " title="HOME PRICES for single-family homes in Rhode Island remained on par with a year ago, the Rhode Island Association of Realtors said Friday. For a larger version of this image, CLICK HERE. /"/>WARWICK – Sales of single-family homes in Rhode Island fell 28.7 percent in August compared with the same month last year, while the median sales price was virtually unchanged, according to the Rhode Island Association of Realtors said Friday.
The association said 548 homes sold in August, down from 768 a year ago. The median price last month was $220,250, up from $220,000 at the same point last year.
However, the August price represented a 3.2 percent decrease from July, when median prices reached $227,500 – the highest since August 2008.
“Many of the consumers out there moved through the market prior to the tax credit expiration,” association President Karl Martone said, referring to the federal home buyers tax credit. “It will take a few months to build up the ranks of home buyers again. There’s still a lot of uncertainty in the market right now but home affordability hasn’t been this good since the seventies.”
The association also reported that the number of distressed home sales – those sold through foreclosure or short sale – fell to from 222 last August to 117 last month.
Elsewhere in the market, the association reported 103 condominium sales in August, a 14.9 percent drop from the same month last year. Median sales prices increased 9.6 percent to $205,000.
Sales of multifamily homes dropped 35.4 percent to 117 in August. The median price, however, increased 61.3 percent to $129,000.
Additional information is available at http://www.riliving.com.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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