WARWICK – Single-family home sales in the first quarter of 2008 across Rhode Island dropped 23.19 percent to 1,242, as the median price fell 9.93 percent to $245,000, according to statistics released today by the Rhode Island Association of Realtors.

RIAR President Rob Scaralia said in a statement that there has been a drop in consumer confidence because of the “negative talk about the economy.”

“We need to put things in perspective,” Scaralia said. “We’re not seeing anywhere near the unemployment rates that we saw during the Great Depression. We don’t have interest rates in the high teens like we’ve seen in the past. Foreclosures have risen, but the great majority of homeowners aren’t in foreclosure. Banks are still writing mortgages at great interest rates. And properly priced homes are still selling.”

Condominium sales also fell during the first quarter, totaling 246 in the 2008 first quarter compared with 390 during the same period last year. Prices, however, fell by only 0.75 percent to $205,950, according to the report.

“There was a feeding frenzy for investment properties from 2000 to 2005, which drove prices up,” Scaralia said. “Now we’re seeing a correction of that market sector.”

In Providence, the 24 condominiums sold during the first quarter had a median price of $180,000, about 12.60 percent below the statewide median price, according to the report.

The Rhode Island Association of Realtors has nearly 5,000 member Realtors, who last year were involved in nearly 12,000 transactions totaling $3.95 billion. The RIAR is one of more than 1,800 local boards and associations that comprise the nation’s largest trade association, the National Association of Realtors. For more information, including town-by-town sales statistics, visit www.riliving.com.