FOR IMMEDIATE RELEASE
Editorial Contact:
Aglaia Pikounis
The Warren Group
(617) 896-5370
apikounis@thewarrengroup.com
R.I. Home Sales Hit 13-Year Low
During First Half of 2008;
Condo Sales Decline Sharply
Single-family Home Prices Fall by Double-Digit Percentage
BOSTON, August 4, 2008 – Sales of single-family homes in Rhode Island sunk to the lowest level in more than a decade during the first half of 2008, according to The Warren Group, which tracks real estate data across New England. Prices also fell 11 percent in the first six months compared to a year ago.
Single-family home sales dropped 18.1 percent in the first half of the year to 3,283 from 4,008 recorded during the same period last year. It was the slowest sales pace for the six-month period since 1995. The median price for single-family homes sold through June declined 10.8 percent to $240,000 from $269,000 a year earlier.
“Year-over-year home sales have fallen by more than 10 percent for 11 consecutive months, and prices have declined substantially this year. Unless there is a dramatic boost in home sales in upcoming months, the chances for a turnaround this year are slim,” said Timothy Warren Jr., CEO of The Warren Group.
June homes sales tumbled 14.8 percent to 744 from 873 in June 2007. The median price for single-family homes sold in June declined 13.8 percent to $240,000 from $278,500.
Condominium sales have fallen even more sharply than single-family homes this year. Condo sales plunged 35 percent to 780 from 1,202 units sold from January through June of 2007. The median condo price dipped 2.5 percent to $220,000 during the first half of 2008 from $225,675 a year earlier.
June condo sales plummeted 24.6 percent to 175 from 232 in June 2007. The median condo price for the month was $212,000, 6.8 percent lower than $227,500 price posted in June 2007.
About The Warren Group
The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.
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