Real Estate

Rhode Island home sales slide 25% in September year-over-year

BLOOMBERG NEWS FILE PHOTO / DERICK E. HINGLE
SALES OF RHODE ISLAND SINGLE-FAMILY homes slid 25% in September compared with a year ago, the Rhode Island Association of Realtors said Monday.
Posted 10/25/10

WARWICK – Sales of Rhode Island single-family homes slid 25 percent in September compared with a year ago, the Rhode Island Association of Realtors said Monday.

The Realtors said 571 homes sold last month, down from 762 during the same month last year. The median price increased 5.6 percent to $212,000 compared with $201,050 last September. But it was the second month in a row prices fell after hitting $227,500 in July, the highest price since August 2008.

Association President Karl Martone said the drop in sales was expected after the federal homebuyers tax credit set off a flurry of activity earlier this year. Homebuyers who closed on a house before April 30 had until Sept. 30 to close the deal.

“There’s no doubt we’ve experienced a lull for the last couple months because of the expiration of the tax credit,” Martone told Providence Business News. “We feel it will probably take a couple of months for that to settle and then we’ll see small, consistent increases.”

On the price side, Martone said a decrease in foreclosures during September compared with the same month last year helped nudge up the median price. The Realtors said distressed properties comprised 25 percent of sales last month, down from 30 percent in September 2009.

Elsewhere in the market, sales of multifamily homes fell 32.3 percent in September compared with a year ago. The Realtors said 111 multifamily homes sold in September, down from 164 last year. The median price increased 11.4 percent to $127,500.

Sales of condominiums fell 3.7 percent to 103 from 107 last September. The median price increased 14 percent to $205,000.

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