WARWICK, R.I. (AP) — The median sales price of a single-family home in Rhode Island jumped 9 percent last month when compared to January 2017, driven by a diminishing supply of homes on the market.

The Rhode Island Association of Realtors on Thursday announced that the median sales price last month was $244,900, thanks in part to the fact there were just 2,497 single-family homes on the market.

Closing activity dropped nearly 9 percent in January from a year ago, while pending sales plummeted 33 percent year-over-year.

Realtors President Joe Luca says "with historically low inventory and interest rates that are just beginning to climb slightly, it's a great time to sell."

The median price of a multifamily home rose 20 percent year-over-year, while the median cost of a condo jumped almost 16 percent.