Single-family home resales for October rose slightly to 781 (from 770 in September), and average home prices soared, according to the Rhode Island Association of REALTORS.
The average price of an existing single-family home sold in Rhode Island in October rose 17 percent, reaching a record high of $189,944. Due to a steady downtrend in mortgage rates, home sales are expected to remain strong, the association said.
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According to State-Wide Multiple Listing Service (MLS), a subsidiary of Rhode Island REALTORS, there are some 2,500 single-family homes on the market in the state — a 21 percent decline in inventory from a year ago.
When compared to single-family home sales for October 1999, sales for the same month this year dropped 5 percent. Despite the deceleration, this year remains the second busiest in the state’s history, with an anticipated annual sales total behind last year’s all-time record of 9,659, but ahead of 1998’s 8,937, the association said.
For more information about the Rhode Island Association of REALTORS, visit www.riliving.com.
