Warwick, RI – September 23, 2016…Rhode Island’s single-family housing market continued its upward trend in August with year-over-year increases in completed and pending sales, as well as median sales price. Though sales volume reached new heights this summer, the rate of increase from the previous year has become more restrained according to data released today by the Rhode Island Association of Realtors.
The number of Realtor-assisted, single-family home sales rose 14.5 percent last month compared to 12 months earlier and sales in process but not closed in August increased 1.9 percent. The median sales price of homes sold last month was $245,000, a 4.3 percent increase from that of August of 2015. Single-family home sales have increased from the prior year every month since November of 2014.
“Rhode Island’s real estate market is still faring well. Talk continues about a rise in interest rates which has caused some potential buyers to begin their home search now rather than later. Others might be worried about a perceived change in the market caused by the outcome of the upcoming election so they’re making a move now. Home sales have remained brisk in all sectors of the market,” said Arthur Yatsko, President of the Rhode Island Association of Realtors.
Sales increased 11.7 percent from 12 months earlier in the multifamily home market and the median sales price rose 9.9 percent to $197,750. Sales under contract increased 8.4 percent while the number of listings available for sale decreased by 15.2 percent.
Sales activity was also strong in the condominium sector, rising 18.7 percent since August of 2015. The median sales price of condominiums sold last month decreased to $199,749, a 2.4 percent decrease from the previous August.
"Condominium sales are soaring. Some of the more stringent lending requirements that were holding up condo sales have been eliminated so buyers have more access to affordable units. That’s a wonderful thing,” said Yatsko.