Home sales rise in January in R.I.

WARWICK – The housing market continued its year-long rise in January, ending the month with a nearly 10 percent increase in median sale price among single-family homes, according to the Rhode Island Association of Realtors.

The median price of a single-family house in the Ocean State rose to $226,500 in January, a gain of 9.9 percent from January 2015. Realtors recorded 552 sales in the month, an increase of almost 2 percent.

In condominium sales, the median price fell in January by almost 12 percent to $183,000, following an active month of sales. Realtors recorded 99 condo sales in January, a gain from 91 in January 2015.

In the multi-family housing market, values rose 9.9 percent to a median price of $155,000, according to the association. The number of sales increased by more than 16 percent to 115.

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Art Yasko, association president, said the single-family home market, traditionally cooler in January, appears to be starting out stronger than in years past.

“The housing market hit a high note by the end of 2015 and it appears that its strength is continuing into 2016,” he said, in a statement. “Despite the fact that the Federal Reserve hiked interest rates, mortgage rates actually fell to historically low levels. A combination of those low rates, good affordability in general and less onerous lending requirements are bringing buyers back into the market in droves,” he said.

Among individual towns with single-family home sales in January, Little Compton recorded the highest median price of $750,000. Jamestown followed, with a median price of $645,000. The East Side of Providence recorded a median price of $481,500 for single-family homes sold in January. Barrington reached $415,000. In South County, Narragansett in January had the highest median value, at $403,750.

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