Realtors: Home prices are rising but sales are down overall

February 2, 2019

PROVIDENCE, R.I. (AP) — Realtors in Rhode Island say the median sales price of homes in the state continues to rise but overall sales activity has decreased.

The Rhode Island Association of Realtors said this week that the median sales price increased four percent in the last three months of 2018, to $268,000, compared to the fourth quarter of 2017. They say sales of single-family homes fell 7.3 percent over the same period.

Dean deTonnancourt, the association’s president, says there were a record-breaking number of sales in 2016 and 2017, so he’s not surprised to see activity scaling back— it’s a normal sequence to restoring balance.

The fourth quarter data for 2018 mirrors the trend for the full year. Home sales fell 5.6 percent from 2017 and the median sales price increased 5.9 percent.

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