Rhode Island’s housing market last month continued the sales slump that had resumed in March after easing earlier this year, according to a report today by The Warren Group.
In April, sales of single-family homes in the Ocean State fell 5.4 percent to 707 from 747 in the same month last year, while their median price sank 3.1 percent to $265,500.
Among regions, single-family sales fell last month in Providence County, plunging 17.1 percent to 348; Bristol County, dropping 4.2 percent (one home) to 23; and Kent County, 0.65 percent (one home) to 154. They rose in Newport County by 6.2 percent to 68 homes; and Washington County by 35.7 percent to 114 homes.
Condominium sales in Rhode Island were strong last month, rising 24.6 percent to 218 units sold statewide, from 175 in April 2006, though their median price dipped 0.7 percent to $223,500.
Condo sales rose in April in every county but Washington, where they fell 5.0 percent (one unit) to 19. Prices fell in Bristol and Providence counties, by 35.6 percent and 8.0 percent, respectively, outweighing gains in Kent (8.9 percent), Newport (19.6) percent and Washington (3.4 percent).
For the first four months of the year, single-family home sales declined 3.6 percent statewide to 2,583, from 2.679 in the first four months of 2006, while their median price dipped 1.9 percent to $260,000. Condo sales increased 2.8 percent in the first four months of the year, during which 734 units were sold, while their median price fell 4.7 percent to $221,250.
“Rhode Island’s housing market seems to be on a flatter track than those in neighboring New England states,” Timothy Warren Jr., CEO of The Warren Group, wrote in today’s report. “The declines in price and sales during the first four months of this year have not been dramatic and are probably a symptom of a necessary market correction. We are seeing very similar numbers in Massachusetts and Connecticut.
“The rising rate of foreclosures across the country will be one factor that could affect the market in a negative way,” he added, “but we will have a better idea of the effect this will have by the end of the year.”
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.
