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By Patrick Anderson
PBN Staff Writer
WARWICK – Rhode Island single-family home sales rose 8 percent in October compared with the same period last year, but the median home price for the month fell 17 percent from 2010, the Rhode Island Association of Realtors said Tuesday.
The median single-family home price in October was $182,250 in October, according to the Realtors Association monthly report, down from $197,750 in October 2010. The drop in price represented the fifth consecutive monthly year-over-year decline.
The Realtors Association attributed the continued fall in housing prices on a steady stream of distressed sales during the month and noted that excluding short sales and foreclosures, the median home price would be $224,000.
“Increased sales are helping to deplete the excess supply of homes on the market which will help prices to stabilize,” said Rhode Island Association of Realtors 2012 President Jamie Moore. “It's important to note that the median price reflects the types of homes that are selling during the quarter and can be misleading at times when foreclosures depress the market.”
Sales in other segments of the housing market followed single-family homes, according to the report.
Condominium sales in October rose 25 percent year-over-year, but prices during the same period dropped 19 percent to $141,000.
Multifamily home sales rose less than one percent in the state compared with last year, but prices fell 31 percent to $100,000.