R.I. single-family home sales increase in September

A TOTAL OF 932 single-family homes were sold in September, an increase of 9.8 percent compared with September 2014. The median sales price and number of pending sales also rose. / COURTESY R.I. ASSOCIATION OF REALTORS
A TOTAL OF 932 single-family homes were sold in September, an increase of 9.8 percent compared with September 2014. The median sales price and number of pending sales also rose. / COURTESY R.I. ASSOCIATION OF REALTORS

PROVIDENCE – Single-family home sales in September outpaced last September, rising nearly 10 percent, the R.I. Association of Realtors reported Monday.
A total of 932 single-family homes sold, compared with 849 a year ago.
Providence recorded 47 single-family home sales, an increase of 14.6 percent, while the East Side recorded nine sales, a 30 percent decrease.
Newport recorded 26 sales, an 85.7 percent increase, while Cranston had 69 sales, a nearly 7 percent drop. Warwick had 111 sales, a 6.7 percent increase.
The median price of single-family homes also increased statewide almost 12 percent to $230,000, the association reported.
“There’s really very little new to report. Rhode Island’s housing market has been doing well throughout 2015 and continued to thrive in September,” Bruce Lane, 2015 president of the Rhode Island Association of Realtors, said in a statement. “A better economy and remarkably low interest rates are helping to keep the momentum moving forward.”
Sales under contract, but not yet closed, climbed 9 percent from September 2014. The association said that’s an indication that sales levels will remain above last year’s in the months ahead. Foreclosure and short sales also fell 38 percent from the previous year.
Multi-family home sales rose 10 percent, to 147 in September, and the median price increased 20 percent to $175,000. The association said pending sales decreased, as “distressed sales continue to be pushed out of the market,” indicating a slowdown in the future for multi-family home sales.
Condominium sales increased 14 percent, with 162 units sold. The median sales price declined 7 percent, however, to $200,000. The association said the condo market is slowing down, and that pending sales, while still 3 percent ahead of last year, have been falling for the past four months.

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