Rhode Island Home Sales and Prices Drop Again in July; Sales Drop for Fifth Straight Month, According to The Warren Group. Median Price Has Fallen or Stayed Flat for Last 12 Months.
BOSTON, Sept. 10, 2007 – Single-family home sales and prices in Rhode Island continued to decline steadily in July. Condominium sales and prices also fell slightly during the month, according to The Warren Group, which tracks real estate data across New England.
Sales of single-family homes fell 4.4 percent from 858 in July 2006 to 820 this year. Year-to-date sales fell 6.3 percent from 5,592 last year to 5,238 this year. Sales have fallen during every month since March 2007.
The median price of single-family homes in Rhode Island dropped 4.1 percent in July from $280,000 to $268,500. The year-to-date price fell 2.8 percent from $270,000 to $262,500. The median price has fallen steadily for the last 12 months when compared to year-before numbers. The only exception was in March 2007, when there was no change in price compared to March 2006.
Condominiums in Rhode Island are faring better with flatter sales, although prices are still decreasing when compared to last year’s numbers. There were 207 condo sales in July 2007, compared to 216 in July 2006. That is a drop of 4.2 percent. Year-to-date sales are up slightly. There have been 1,447 sales so far this year, a 1.7 percent increase compared to the 1,423 sales during the first seven months of 2006.
The median price for condos fell 2.5 percent in July from $230,000 to $224,200. The year-to-date price was down 4.3 percent from $235,000 to $225,000.
“Steady sales and price declines in states like Rhode Island and Massachusetts have become almost the norm, despite a strong start to 2007,” said Timothy Warren Jr., CEO of The Warren Group. “But Rhode Island’s housing market isn’t faring too badly, in general. The declines in sales and median prices have been modest, and we’ve even seen a small jump in condo sales. We probably won’t see much change in the market during the rest of this year.”
Data on individual cities and towns, and statewide statistics dating back to 2005, available by request.
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.
Editorial Contacts:
Katie Curnutte
The Warren Group
280 Summer St.
Boston, MA 02210
(617) 428-5100
kcurnutte@thewarrengroup.com