BOSTON – Rhode Island single-family home sales climbed 4.2 percent in February, compared with February 2006, but their median price continued to decline, falling 4.1 percent, according to a report today from The Warren Group.
The state had 574 single-family home sales in February, versus 551 in the year-ago period. But their median price declined to $249,250 from $260,000.
For the first two months of the year, single-family home sales increased 8.5 percent over year-ago levels to 1,074, but their median price declined 4.6 percent to $250,000.
In Providence County, sales rose 5.6 percent to 302 from February 2006’s 286 sales, while the median price fell 5.2 percent to $237,000 from $250,000.
Year-to-date sales through February rose 1.8 percent from 569 sales to 579 while the median price fell 4 percent to $240,000 from $250,000.
“Sales in Rhode Island have increased for two months in a row, after a rocky 2006,” said Timothy Warren Jr., CEO of The Warren Group. “Prices continue to fall, but after nearly a year of lagging sales, it will take some time for prices to creep up again.
“As sales continue to grow, buyers will start to notice fewer homes on the market … likely and will be willing to pay closer to the asking price.”
Condominium sales lagged in February, falling 18.8 percent to 134 sales from 165 in February 2006. The median price fell 14.9 percent to $219,500.
For the first two months of the year, Rhode Island condo sales fell 8.9 percent to 309 units sold from the year-ago 339. Their median price fell 5.2 percent to $227,500.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at www.thewarrengroup.com.
