R.I. home sales up 19% in Oct. as pending closings drop

Rhode Island single-family homes sales rose 19 percent in October compared with the same period in 2012, the Rhode Island Association of Realtors said Wednesday. More

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R.I. home sales up 19% in Oct. as pending closings drop

BLOOMBERG FILE PHOTO/DANIEL ACKER
THE RHODE ISLAND ASSOCIATION of Realtors reported Wednesday that single-family home sales in Rhode Island rose 19 percent in October compared with the same month last year, and the median sales price rose 2 percent to $204,000. Pending sales dropped 5 percent, which the Realtors association attributed to a shrinking supply of homes for sale and fluctuating interest rates.
Posted 11/27/13

WARWICK – Rhode Island single-family homes sales rose 19 percent in October compared with the same period in 2012, the Rhode Island Association of Realtors said Wednesday.

There were 806 houses sold in October, up from 679 last October. Since July 2011, year-over-year home sales have increased every month except March, when they inched down 2 percent.

With the solid sales, median prices climbed 2 percent in October, the 13th consecutive month of year-over-year rising prices.

The single-family median sale price was $204,000 last month, up from $200,000 in October 2012.

Pending sales dropped 5 percent, the third consecutive month year-over-year pending sales have fallen, suggesting sales may be ready to slow. The number of homes on the market fell 3 percent.

“We’re not running off the charts in any direction. We’re just seeing slow, steady improvement,” said Rhode Island Association of Realtors President Robert Martin. “Looking ahead, we’re seeing the number of pending closings down, likely due to a shrinking supply of homes for sale, fluctuating interest rates and an easing of the pent up demand seen earlier in the year.”

In other areas of the market, multi-family building sales rose 6 percent year over year in October while the multi-family median sales price increased 8 percent.

There were 132 multi-family buildings sold in October compared with 124 in October 2012.

The median multi-family sale price was $129,500 last month, up from $120,400 last year.

Solid condominium sales continued in October, rising 11 percent compared with last October. There were 138 condominiums sold last month and 124 in October 2012.

The median condominium sales price in October climbed 17 percent to $198,250 from $170,000 the previous October.

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