/
WARWICK – Single-family home sales in Rhode Island crept up 6.1 percent in the second quarter compared with a year earlier, but the median price of those sales fell 23 percent.
There were 2,004 sales in the quarter that ended June 30, up from 1,889 during the same period of 2008, according to data released this morning by the Rhode Island Association of Realtors.
The median price of those sales dropped to $192,500 from $250,000 a year earlier. The Realtors reported that 37 percent of last quarter’s sales were “distressed,” meaning they were short sales or foreclosures.
“Prices are all over the map, in large part due to the number of foreclosures and short sales in a given area,” RIAR President Paul A. Leys said in a statement this morning. “It’s extremely important to understand your local market to remember that median price reflects the mix – type and size – of properties on the market at the time, not a change in value of the same properties over time.”
Single-family home sales have been higher since the start of this year, and the half-year data released this morning by the Realtors showed that.
Sales in the first half of 2009 increased to 3,260 homes from 3,140 a year earlier, a 3.8 percent increase. At the same time, the median single-family home price in the first six months of 2009 fell 23.9 percent, dropping to $189,000 from $248,250.
Multi-family home sales in the second quarter jumped 57.99 percent, up from 407 to 643 homes. But the median price of those sales dropped 48.7 percent, falling to $77,000 from $150,000.
Condominium sales showed a 23.7 percent decline, dropping from 397 sales in 2008’s second quarter to 303 sales last quarter. The median price fell 18.64 percent, dropping to $179,000 from $220,000.
“For the most part, sales are up, the glut of inventory has decreased and prices have been on an upward trajectory in recent months,” Leys said. “Despite national reports that cite declining prices, Rhode Island home prices are rising. It appears that we’re rebounding.”
He added, “With a six-month supply of homes, Rhode Island seems to be ahead of the national curve.”
The Rhode Island Association of Realtors has more than 4,700 member Realtors, who in 2008 were involved in more than 10,000 transactions totaling $2.8 billion. The RIAR is one of more than 1,800 local boards and associations comprising the nation’s largest trade association, the National Association of Realtors. To learn more, visit www.riliving.com.
