R.I. home sales drop 5% in April, but Realtors see inventory gain

THE RHODE ISLAND Association of Realtors said Tuesday that the Rhode Island real estate market last month saw its first year-over-year inventory increase since March 2012, even as sales volume of single-family homes fell 5 percent. / BLOOMBERG FILE PHOTO/JACOB KEPLER
THE RHODE ISLAND Association of Realtors said Tuesday that the Rhode Island real estate market last month saw its first year-over-year inventory increase since March 2012, even as sales volume of single-family homes fell 5 percent. / BLOOMBERG FILE PHOTO/JACOB KEPLER

WARWICK – Rhode Island single-family homes sales fell 5 percent in April compared with the same period last year, while the median sale price rose 17 percent during the same period, the Rhode Island Association of Realtors said Tuesday.

There were 626 houses sold in April compared with 657 in April 2013.

The median April single-family sale price of $210,000 climbed from $180,000 last April.

The improving real estate market and economy have also led to fewer distressed sales, which fell 28 percent in April compared with the previous year.

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Low inventory of homes on the market contributed to slower sales volume in recent months, but April inventory rose 2 percent, the first increase in year-over-year inventory since March 2012.

“We’re excited to see more homes coming onto the market,” said Rhode Island Association of Realtors President Robert Martin. “There’s been too little to choose from for too long. With interest rates remaining low, prices on the rise, and buyers’ options expanding, we should be seeing good opportunities ahead for both buyers and sellers.”

In other areas of the market, multifamily building sales plunged 19 percent in April while the median multifamily price soared 30 percent. There were 91 multifamily buildings sold in April, down from 113 last April.

The median multifamily sale price last month was $139,400, an increase over the $107,000 median price recorded in April 2013.

The Realtors Association said tough lending requirements and exhausted investor demand had prompted the slowdown in multifamily transaction volume.

Condominium sales rose 3 percent year over year in April while the median condominium sale price climbed 10 percent. There were 130 condominiums sold last month compared with 126 in April 2013.

The median April condominium sale price rose to $172,500 from 157,500 during the same month last year.

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