Warwick, R.I. – July 20, 2023 – Today the Rhode Island Association of Realtors released June sales data which portrayed a local housing market that has seen little change. The median sales price of single-family homes continues to rise, hitting $442,700, a three percent year-over-year gain and a historic monthly high. Rhode Island’s annual price appreciation runs counter to the national trend which has seen year-over-year declines in recent months.

“Though the median home sales price nationwide has been declining, the opposite is happening in Rhode Island. The rate of increase began to taper off in the past year however, so Rhode Island’s trends are most likely just running a bit behind the rest of the country. Even if the price appreciation continues to moderate, with just 1.4 months of inventory on the market, prices aren’t likely to decline significantly barring a significant economic shift,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors.

Sales activity continued to decline from the prior year, falling 12.1%, and pending sales – those likely to be completed in the next one to two months – fell by 15.6% from June 2022, the 18th consecutive month of year-over-year declines.

In recent months, the condominium market has seen significant annual gains in median price. June’s price of $376,450 represented a 17.5% gain from June 2022. Both completed and pending sales fell just over 16% year-over-year.

The multifamily home market, which includes homes with two to four units, realized a median price of $500,000 in June, a 16.3% gain from 12 months earlier. Sales, however, slowed by 42.3% and pending sales dropped by 26.2%

“Thankfully the Federal Reserve paused any further interest rate hikes in June. With shelter costs being one of the main factors driving inflation, anything that helps keep home affordability within reach bodes well for the housing market,” commented Da Cruz.