R.I. single-family home sales jump nearly 24% in August

RHODE ISLAND single-family home sales jumped 23.8 percent in August, making it the best August for sales since 2005, according to The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP
RHODE ISLAND single-family home sales jumped 23.8 percent in August, making it the best August for sales since 2005, according to The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP

PROVIDENCE – Rhode Island single-family home sales jumped 23.8 percent in August, making it the best August for sales since 2005, according to The Warren Group, publisher of Banker & Tradesman.
The Warren Group said 929 single-family homes were sold in August compared with 750 in August 2014. Year to date, sales have climbed 15.7 percent, with 5,699 homes sold compared with 4,924 during the first eight months of 2014.

Tim Warren Jr., CEO of The Warren Group, said August’s sales are the “result of a strong, long-lasting spring season.”
“A rough winter and pent-up demand turned into a strong spring that is a positive sign for the real estate market throughout the state,” Warren said in a statement.
The median single-family home sales price improved 7.5 percent to $236,500 in August compared with $220,000 in August 2014. Year to date, prices rose 3.2 percent to $225,000, compared with $218,000 during the prior-year period.
Providence County led the state’s five counties in August with a 32.7 percent increase in single-family home sales to 430, followed by Kent County with a 24.6 percent increase to 228, Washington County with a 19.5 percent increase to 147, and Newport County, a 7.4 percent increase to 73. Bristol County was the only county to register a decline, to 51 from 52.
Newport led the counties with the largest median sales price increase, at 27.5 percent to $365,000. Washington County had the lowest median sales price increase, at 3.1 percent to $330,000.

Condo sales also rose in August, jumping 29.1 percent to 151 from 117 a year ago. Year to date, the increase was 10.5 percent, with 939 sales, compared with 850 during the first eight months of 2014.
The median sales price for condos increased 15.3 percent to $196,025 in August compared with $170,000 during the year-ago period. Year to date, the median price of a condo climbed 4.8 percent to $199,000 from $189,500 during the first eight months of 2014.

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