The median price of single-family home sales rose 3.5 percent year-over-year to $270,500 according to September home sales statistics released today by the Rhode Island Association of Realtors. The supply of homes for sale also increased by 7.1 percent, a welcome sign for buyers whose options have been limited by a diminishing supply of inventory over the past two years.
Closing activity decreased 12.9 percent last month from September 2017, not surprising given the record-breaking sales of the past two years. There is currently a 4.5-month supply of homes on the market. Though still short of the 6-month supply that indicates a balanced market, inventory has been rising since January when there was a 2.7-month supply of single-family homes for sale.
“It’s true that Rhode Island’s housing market is correcting itself but by no means do we anticipate a severe decline in prices. We are simply witnessing the return to a more stable, balanced market which is exactly what we hoped to see. Inventory has been growing for the past few months so I think we’ll see a welcome reprieve for buyers who will likely have more properties to choose from in the year ahead. Sellers should remain in a stable position though it may take a bit longer for homes to sell,” said Joe Luca, 2018 President of the Rhode Island Association of Realtors.
The multifamily property market had a particularly strong showing in September with the median sales price rising 16 percent from 12 months earlier to $254,950. The number of listings on the market increased by 36 percent and sales activity increased ten percent. More…