(Updated, 10:30 a.m.)
WARWICK – The median sales price for a single-family home in Rhode Island rose for the fourth month in a row in February compared with a year earlier, the Rhode Island Association of Realtors reported Tuesday.
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The median sales price for an existing single-family home was $189,950 last month, up 3 percent from the $185,000 median in February 2009, the Realtors said. Excluding distressed sales – short sales or foreclosures – the median selling price was $222,500.
Realtors President Karl Martone said he expects to see an uptick in activity as the April 30 deadline for using the federal homebuyer tax credit approaches similar to what was seen last fall, before Congress extended the credit.
“Aside from the fact that first quarter typically shows less sales activity, I believe that the lull we saw in February this year was just a short reprieve between the two deadlines,” he said. “We’re also very encouraged that prices are gradually continuing to rise.”
Last month’s price was 24 percent below the $249,250 median two years earlier, in February 2008.
The total number of single-family home sales fell 3 percent year over year. The Realtors recorded 390 sales last month, down from 401 in February 2009. Pending sales rose 9 percent.
The same was true nationally. The National Association of Realtors said sales of existing U.S. homes fell in February for a third month, declining 0.6 percent to a 5.02 million annual rate, the lowest level in eight months, Bloomberg News reported.
In Rhode Island, distressed sales made up a slightly smaller share of the total number of single-family home sales (41 percent) than a year earlier (43 percent) in February.
The Realtors also said local “inventory remains quite stable,” with 5,200 single-family homes on the market last month, six more than a year earlier.
Condominium sales fell 11 percent to 58 in February compared with a year earlier, but the median selling price for condos rose 13 percent to $212,000. Distressed sales made up 26 percent of condo transactions.
Multifamily home sales fell 20 percent to 130 in February compared with a year earlier, but the median multifamily sales price rose 23 percent to $98,750. Distressed sales made up 72 percent of multifamily transactions, down from 85 percent a year earlier.
Additional information is available at riliving.com.
