WARWICK – The Rhode Island housing market continued to strengthen in August, with sales of condos, single-family homes and multi-family structures all climbing over 2014 levels.
In addition to increases in sale quantities, the median sale price increased in August. The largest jump in price came in single-family homes, which rose nearly 8 percent to a median price of $235,000 in August compared with a year ago, according to the Rhode Island Association of Realtors.
The sales activity in single-family homes represents the ninth consecutive month of increasing closings, the longest upward trajectory since 2012. In August, 971 single-family houses were sold in Rhode Island, a 14.1 percent increase from 851 in August 2014.
In multi-family housing, a segment influenced by investors, sale volume rose to 145 this year from 102 last August. Median sale prices rose to $179,900 from $169,000, according to the association.
In condo sales, 155 units were sold in August compared with 144 units in 2014. The median sale price for condos rose to $204,750 from $192,200.
In a statement, association President Bruce Lane attributed the increase in activity, particularly in multi-family sales, to the potential for an increase in Federal Reserve interest rates. “These days, real estate can also seem like a more stable investment than the stock market,” he said in a release.
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