(Updated, June 22)
WARWICK – Single-family home sales increased by one in May compared with the same month last year, while the median sales price rose 5.2 percent, the Rhode Island Association of Realtors said Tuesday.
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The association said 667 homes sold last month, up from 666 a year earlier. The median home price stood at $199,900, up from $190,000 a year ago. Compared with April, the number of sales decreased by one and the median price fell 2.5 percent.
April marked the final month that homebuyers could sign contracts to purchase houses and get a federal tax credit to subsidize the cost. However, buyers who want to get the credit have until June 30 to close the sales. Since the Realtors’ data tracks closings, some of those transactions are likely to be reported as part of the May and June figures. (Legislation pending in Congress would extend the closing deadline to Sept. 30.)
Elsewhere in the market, the association said sales of multifamily homes fell to 143 in May compared with 174 at the same point last year. The median sales price, however, increased to $107,900 from $82,000, a 31.5 percent jump.
Sales of condominiums increased to 111 in May from 91 a year earlier. The median sales price rose to $181,925, up from $159,000, a 14 percent increase.
This story has been revised to make clear that the Realtors’ May sales figures include transactions that were eligible for the recently expired federal tax credit.
Additional information is available at rirealtors.org.
