R.I. home sales climb 7.7% in October

SINGLE-FAMILY home sales climbed 7.7 percent in October to 912 compared with 847 during the prior year period, according to the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
SINGLE-FAMILY home sales climbed 7.7 percent in October to 912 compared with 847 during the prior year period, according to the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Sales of single-family homes in Rhode Island continued their yearly rise in October, up nearly 8 percent from last year.
Single-family home sales increased 7.7 percent, to 912, from 847 a year ago, according to the Rhode Island Association of Realtors.
The median price fell 3 percent, to $224,750 in October, from $232,000 last year, the association said.
Average days on market declined steeply, to 66 days from 90 days.
In the condominium market, sales volume also increased, to 161 closings in October, up from 148 last October. The median price also rose, to $207,500, from $190,000 a year ago.
Condos closed after 92 days on market, on average, a slightly longer period than the 89 days in 2014.
By comparison, sales of multi-family houses declined in October, to 130 closings, down from 138 the previous year. Median prices rose to $178,000, up from $168,000.
Days on market declined to 58 from 68.
Despite the slight decrease in median prices for single-family houses, Art Yatsko, president of the association, described the market as the healthiest since the recession.
“In 2014, the median price peaked in October, so though this year’s price dropped a bit since then, it was still higher than nearly every month last year,” Yatsko said, in a statement.
“Most homeowners have made solid gains in equity in 2015.”

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