Real Estate

R.I. home sales up, prices down

HOME SALES in Rhode Island rose in August compared with the same month last year, the Rhode Island Association of Realtors said. For a larger version of this graph click here.
Posted 9/21/11

WARWICK – Sales of single-family homes in the Ocean State rose 22 percent in August compared with the same month last year, the Rhode Island Association of Realtors said Wednesday.

It was the second month of year-over-year sales increases, coming off a dive in home sales that the Realtors chalked up to the end of the federal homebuyers tax credit.

The association reported that 670 homes sold in August, up from 548 a year ago. The median sales price slid 7 percent to $205,000, down from $220,250 last August.

"The good news is, home sales were much better this summer than last and housing is now very affordable,” association President Stephen Antoni said. “For the most part, sellers are pricing realistically and interest rates are at a 60-year low. The bad news is, not everyone is in a position to buy or even to refinance. Increasing fees and unreasonably tight underwriting standards are the norm.”

Elsewhere in the market, sales of multifamily homes dropped 7 percent in August compared with a year before. The Realtors said 109 multifamily homes sold in August, down from 117 a year ago. The median sale price remained unchanged at $129,000.

In the condominium market, sales dropped by one condo to 102 in August. The median price went to $190,000 from $205,000 – a 7 percent fall.

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