All homes sales fall in July in R.I. as prices show increases
CONTINUING A PATTERN OF THE LAST THREE MONTHS, single-family home sales declined in July on a year-over-year basis, even as the price paid increased. In addition, it continues to take less time for homes put on the market to be sold, according to the Rhode Island Association of Realtors.
WARWICK – Rhode Island single-family home sales fell 2.7 percent in July compared with the same period in 2013, the Rhode Island Association of Realtors said Wednesday.
There were 931 houses sold last month compared with 957 last July.
The median sale price of those houses rose slightly less than 1 percent over the same period. The single-family median sale price in July was $217,500, compared with $216,000 in July 2013.
“Prices rose fairly quickly and now that rate of appreciation is slowing down, which can actually be considered a good thing,” said Realtors Association President Robert Martin. “The last thing we want to see is the unsustainable price escalation that we saw earlier this decade. People need to get the chance to get back on their feet again.”
The decline in distressed sales, which made up 14 percent of transactions last month, has been a significant factor in the stabilization of the market.
There were 130 distressed sales in July, down from 154 last July and 195 in July 2012.
In other areas of the market, multi-family building sales fell 17 percent year over year last month while the median sale price rose 9 percent over the same period. There were 107 multi-family buildings sold in the state during July, down from 129 in July 2013. The median July multi-family sale price was $158,000, up from $144,900 last year.
Distressed multi-family building sales fell 36 percent year over year in July, from 42 to 27.
Condominium sales also fell, declining 11.7 percent year over year, with the median sale price rising 8.3 percent. There were 143 condominiums sold in July, down from 162 in July 2013. The median condominium sale price rose to $208,500 from $192,500 last July.