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Fewer homes sold in Rhode Island, but prices up

October 24, 2017

PROVIDENCE, R.I. (AP) — The number of single-family homes sold in Rhode Island had declined in September compared to last year but the median price was up 13 percent.

The Rhode Island Association of Realtors said Tuesday that sales dipped four percent as home inventory remained low. The median price was just over $261,000, compared to $231,000 in September 2016.

The group’s president, Brenda Marchwicki, says more homes need to come on the market to keep prices affordable, especially for first-time buyers.

The group says pending sales were down 13.5 percent, perhaps hinting at a further slowdown in sales for the rest of the year.

Condominium sales were up more than 18 percent and the median price was up 23 percent.

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