R.I. single-family home sales rise 8% in 2Q

SINGLE-FAMILY HOME SALES in Rhode Island increased 8 percent in the second quarter, the Rhode Island Association of Realtors said Wednesday.
SINGLE-FAMILY HOME SALES in Rhode Island increased 8 percent in the second quarter, the Rhode Island Association of Realtors said Wednesday.

WARWICK – Single-family home sales rose 8 percent from April through June compared with the same time period last year, according to the Rhode Island Association of Realtors, which said the data shows that the housing market continues to gain momentum.
There were 2,575 single-family home sales in the second quarter versus 2,376 in second quarter of 2014. The median price also rose 3 percent to $225,000. The number of Rhode Island foreclosure and short sales fell 16 percent from the prior year.
In Newport County, Little Compton had the greatest percentage sales increase at 67 percent, with 15 single-family home sales recorded.
Cranston led the Metro and East Bay with a 27 percent increase and 239 single-family home sales. Providence, in comparison, saw a 5 percent decrease in sales to 109, while the East Side of Providence had a 9 percent increase with 57 sales.
Lincoln led the North region with a 113 percent increase in sales, recording 68 homes sold. In South County, Hopkinton had a 59 percent sales increase, with 35 sales. East Greenwich led Kent County with a 64 percent increase and 69 home sold. But Warwick, which had the most homes sell in the quarter with 310, had a 2.3 percent increase.
“After a somewhat delayed start, the spring selling season came alive in the second quarter and sales show no signs of slowing down in the near future,” Bruce Lane, president of the Rhode Island Association of Realtors, said in a statement.
Lane noted that pending sales, or sales under contract prior to closing, were ahead of last year at the end of the second quarter in all housing sectors: single- and multi-family homes, and condominiums. He said that pending sales are considered to be the most accurate predictor of market activity in the coming months.
Condominium closings increased 7 percent to 481, while the median sales price rose 13 percent to $214,900. The number of distressed condominium sales fell 32 percent.
The multi-family home market saw sales climb 6 percent to 369, and the median price rise 15 percent to $167,000. Distressed sales fell 18 percent.
Second-quarter sales were bolstered by sales that were pushed later into the spring by harsh winter weather. Slightly rising mortgage rates also were a factor, driving more buyers to purchase homes in recent months, the association said.

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