R.I. single-family home prices fall 2.3% in 3Q

WARWICK – In the three months ended Sept. 30, the median sale price of Rhode Island single-family homes fell 2.3 percent from the year-ago quarter, while their average time on the market increased 13.5 percent to 84 days, according to the Rhode Island Association of Realtors.
“The subprime mortgage scare has definitely had an impact on the market, and people are sitting back and waiting to see what shakes out,” RIAR President Cecile Cohen said.
At quarter’s end, the number of projected closings statewide –homes with signed contracts that have not yet closed – was 791, a decline of 22.83 percent from a year ago. The number of homes on the market was 6,883, an increase of 6.66 percent from the same time last year. •