R.I. home sale rebound tops Mass., Conn.

BOSTON – Sales of single-family homes in Rhode Island surged 66 percent in November compared with the same month in 2008, The Warren Group reported Tuesday.

The real-estate tracking firm said 754 homes were sold in the state during November 2009, up from 453 a year earlier. The median sales price fell 1.2 percent to $202,500.

Every Rhode Island community showed an increase in sales, with Newport County topping the list. The Warren Group said there were 69 home sales in the county in November, nearly triple the 25 sales reported in November 2008.

Year-over-year sales in Kent County rose to 174 from 97; in Washington County, to 100 from 58; in Bristol County, to 27 from 17; and in Providence County, to 384 from 258.

“The gain in sales volume in Rhode Island during the month of November mirrors what’s been happening in other parts of New England,” said Timothy M. Warren Jr., CEO of The Warren Group.

“Both Massachusetts and Connecticut have experienced an increase in sales in recent months, but Rhode Island has had bigger gains and year-to-date sales are well ahead of 2008,” he said. “Lower prices, the homebuyer tax credit and improved consumer confidence have aided the residential real estate market.”

The Rhode Island condominium market also saw gains, with 146 sales total in November, up 38 percent from the 106 a year earlier. The median sales price dropped, however, coming in at $182,000, off 3 percent from the $188,350 median sales price in November 2008.

The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at TheWarrenGroup.com.