Rhode Island August Home Sales Fall More Than 11 Percent; Median Price Drops for Seventh Month This Year, According to The Warren Group. Slowdown in August Sales Further Pulls Down Year-to-Date Numbers.
BOSTON, Oct. 2, 2007 – Sales of single-family homes in Rhode Island lagged slightly in August, the twelfth month out of the last thirteen in which sales have fallen, according to The Warren Group, which tracks real estate data across New England.
Sales of single-family homes fell 11.7 percent from 964 in August 2006 to 851 this year. Year-to-date sales are down 6.9 percent from 6,556 last year to 6,106 this year. Sales began their decline in August 2006, and have declined during every month since, with the exception of March 2007, when they were flat.
But, after the first eight months of the year, sales are on track to fall less dramatically than they did last year. In 2006, single-family home sales declined 8.6 percent
The median price of a single-family home fell 5.6 percent in August from $270,000 last year to $255,000 this year. The year-to-date median price is down 3.7 percent from $270,000 last year to $260,000.
Condominium sales were also down in August. They fell 14.5 percent from 269 last year to 230 this year, but year-to-date sales were steadier, declining 0.9 percent from 1,692 to 1,677.
The median price of condominiums in Rhode Island rose 2.3 percent in August from $220,000 to $225,000. The year-to-date price is down 2.6 percent from $231,000 to $225,000.
“Steady declines in Rhode Island’s housing market continued in August, and were particularly noticeable when it came to sales, which are down almost 7 percent so far this year,” said Timothy Warren Jr., CEO of The Warren Group. “It’s likely that people who don’t need to sell their homes are staying put. That’s a change from recent years, when homeowners looking to upgrade helped fuel the market. Foreclosures in Rhode Island are also up more than 100 percent this year, and that could be contributing to lower median prices. People at risk of losing their homes may decide to sell quickly and accept a lower price to avoid foreclosure.”
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