Realtors: R.I. home sales drop in May as prices continue to rise

THE RHODE ISLAND Association of Realtors said Tuesday that the Rhode Island real estate market last month saw sales drop year over year for the fourth time in the last five months. / BLOOMBERG FILE PHOTO/TY WRIGHT
THE RHODE ISLAND Association of Realtors said Tuesday that the Rhode Island real estate market last month saw sales drop year over year for the fourth time in the last five months. / BLOOMBERG FILE PHOTO/TY WRIGHT

WARWICK – Rhode Island single-family home sales fell 6 percent in May compared with the same period in 2013, the Rhode Island Association of Realtors said Tuesday.

There were 784 houses sold in May, 53 fewer than last May.

The median single-family sales price in May rose seven-tenths of a percent last month to $208,950. The May 2013 median sale price was $207,500.

Median monthly sale prices have risen in four of five months in 2014 while sales volume has fallen in four out of five months.

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“The market is still recovering but like much of the rest of the country, the recovery has slowed down,” said Rhode Island Association of Realtors President Robert Martin. “Sellers have been lucky that we have seen price increases for most of the year despite a market which slightly favors buyers.”

There was a seven-month supply of houses on the market in May. A six-month supply, the amount on the market at the end of last year, is considered balanced, Martin said, indicating that conditions had again tipped toward buyers.

In other areas of the market, multifamily building sales fell 4 percent in May compared with May 2013. There were 112 multifamilies sold in May, five fewer than last May.

The median multifamily sale price climbed 14 percent last month to $147,000 from $129,000 last year.

Condominium sales also fell last month, declining 16 percent compared with May 2013. There were 153 condominiums sold in May and 183 sold last May.

The median condominium sale price fell 7 percent to $199,000 in May from $215,000 in May 2013.

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