BOSTON, August 7, 2014 – Rhode Island single-family home sales recorded a 2.9 percent decrease in the month of June, marking the fourth time in 2014 that sales have decreased year-over-year, according to the latest report by The Warren Group, publisher of Banker & Tradesman and The Commercial Record.
A total of 847 single-family homes sold in June, down from 872 a year earlier. Second quarter sales decreased by 2.0 percent with a total of 2,108 sales recorded, compared with 2,151 during the second quarter of last year. Year-to-date home sales statewide were down almost 1 percent. From January to June, a total of 3,368 single-family homes were sold, compared with 3,400 during the same period a year ago.
“The Rhode Island real estate market continues its gradual recovery, showing modest gains in the second quarter median selling price of homes. The slump was severe and lasted 6 years. This is the third year on the comeback trail,” said Timothy M. Warren Jr., CEO of The Warren Group.
The median selling price of single-family homes dropped by 1.67 percent in June with a median selling price of $235,000, compared with $239,000 in June 2013. The second quarter posted an increase of 4.1 percent, with a median selling price of $223,750 compared with a median selling price of $215,000 posted in the second quarter of last year. Year-to-date, single-family homes posted a 2.4 percent increase of $215,000 compared with $210,000 during the same timeframe last year.
Condominium sales rose by 11.6 percent in June, with 154 condos sold compared with 138 in June 2013. This is the fourth time condo sales have posted a year-over-year increase in 2014. Condo sales in the second quarter posted a slight decrease of 1.0 percent compared with the second quarter of last year. Year-to-date, condo sales are down slightly by 1.42 percent, with a total of 624 condos sold compared with 633 during the same time last year.
The median selling price of condos fell by 6.6 percent in June, dropping to $186,750 compared with $200,000 last year at the same time. The second quarter of the year saw a decrease in the median selling price of condos, dropping by 13.6 percent to $178,900 from $207,000 during the second quarter of last year. Year-to-date, the median selling price also decreased by 6.4 percent to $190,000, compared with $203,000 during the same timeframe in 2013.
The Warren Group offers a range of real estate products, information services and printed publications, including the weekly newspapers Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com.