WARWICK – The number of single-family homes sold in the Ocean State rose by 6.4 percent in September, after months of declining sales, according to statistics released today by the Rhode Island Association of Realtors.

However, of the 596 homes sold in September, 29 percent were either foreclosures or short sales, RIAR said. In September 2007, 560 single-family homes were sold.

The median price for September sales was $219,000, a 20.4-percent fall from the $275,000 median price in September 2007.

On the bright side, however, the inventory of houses on the market has fallen 5.7 percent year-over-year – to 6,472 listings from 6,862 listings – while September pending sales have risen 26.3 percent.

“We’ll have to monitor the credit markets to see if the trend continues, but we’re hopeful that the housing stimulus package and economic bailout will have even more of a positive impact,” RIAR President Paul Leys said in an accompanying statement.

“The $7,500 credit for buyers who have not owned a home in three or more years just implemented by the federal government should be a big draw in pulling buyers back into the market.”

Multi-family homes sales in September doubled year-over-year, rising to 168 sales from the 84 sold in the same 2007 month.

But the median price of those multi-family home sales fell to $135,000, a 50.4-percent drop from the $253,900 median price in September 2007. Sixty-six percent of multi-family home sales were either foreclosures or short sales.

Condominium sales fell 18.3 percent year-over-year. In September 2007, 115 condos were sold and in September 2008, 94 were sold. Of those sold, 13 percent were short sales or foreclosures.

Median condo price in September was $190,100, an 11.6-percent drop from $215,000 in last September.

National Association of Realtors Chief Economist Lawrence Yun said markets are starting to make year-over-year single-family home sale gains around the country, according to the RIAR.

The Rhode Island Association of Realtors has nearly 4,000 member Realtors who last year were involved with more than 14,000 transactions totaling more than $4.24 billion. RIAR is one of more than 1,800 local boards and associations of Realtors comprising the nation’s largest trade associations, the National Association of Realtors. For additional information, including a municipal breakdown of the statistics, visit www.riliving.com.