Realtors: R.I. home sales drop in February on harsh weather

WARWICK – Rhode Island single-family home sales fell 5 percent in February compared with the same period last year, the Rhode Island Association of Realtors said Thursday.

There were 421 houses sold last month, down from 442 sales in February 2013.

The median single-family sale price of $185,000 in February was 2 percent lower than last February when the median price was $189,500.

The Realtors Association attributed harsh winter weather and uncertainty about federal flood insurance policy for slowing sales. The decline in the year-over-year sales price in February ended 16 months of increases dating back to September 2012.

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“This is the reality of the market. It ebbs and flows,” said Realtors Association President Robert Martin in a news release. “We’ve had a rough winter and that was reflected in sales activity and prices. We’ve analyzed the numbers and feel confident that we’ll continue to make headway in the housing recovery in the spring.”

In other areas of the market, multifamily building sales rose 5 percent in February from February 2013. There were 83 multifamily properties sold last month compared with 79 sales last year.

The median multifamily sales price soared 45 percent year over year in February, from $96,000 to $139,000.

In the condominium market, on the other hand, sales fell 12 percent year over year last month with 74 units sold compared with 84 last year.

The median condominium sales price fell 4 percent last month to $185,000 from $193,400 in February 2013.

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