RI home prices hit highest quarterly numbers in a decade
PROVIDENCE, R.I. (AP) — Home prices in Rhode Island have hit their highest quarterly median price in a decade, rising to $265,000 from July through September.
The Rhode Island Association of Realtors says the median price of a single-family home in the state has risen 8 percent from the same time last year. It says all but four towns saw an increase in the median sales price.
The group says that there was a drop in the number of sales from 2016, which saw record sales. Joseph Luca, president of the group, says there’s a shortage of inventory, which is holding sales back.
The median price of condos in the quarter also rose 15 percent, to $224,000, while the median price of multifamily homes grew 17 percent, to $220,000.