BOSTON, September 15, 2014 – Rhode Island single-family home sales recorded a 1.5 percent increase in the month of July, marking the third time that sales have increased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman and The Commercial Record.
A total of 829 single-family homes sold in July, up from 817 a year earlier. This was the highest number of sales in the month of July since July 2009 when there were 841 transactions. Year-to-date home sales statewide were down 1.4 percent. From January to June, a total of 4,158 single-family homes were sold, compared with 4,217 during the same period a year ago.
“The Rhode Island real estate market is rolling along, without a lot of forward progress as the recovery continues,” said Timothy M. Warren Jr., CEO of The Warren Group. “The double digit percentage gains that we saw in sales volume in 2012 and in the median price in 2013 seem to have petered out and the market is flat at the current plateau.”
The median selling price of single-family homes dropped by 2.2 percent in July to $220,000, compared with $225,000 in July 2013. This marked the third time median prices have decreased year-over-year in 2014. Year-to-date, single-family homes posted a 2.6 percent increase of $217,500 compared with $212,000 during the same timeframe last year.
Condominium sales dropped by almost 17 percent in June, with 113 condos sold compared with 136 in July 2013. This was the first time condo sales have decreased in the month of July since 2011. Year-to-date, condo sales were down almost 5.0 percent, with a total of 731 condos sold compared with 769 during the same time last year.
The median selling price of condos fell by 7.0 percent in July, dropping to $191,000 compared with $205,375 the same time last year. Year-to-date, the median selling price decreased by 6.3 percent to $192,000, compared with $205,000 during the same timeframe in 2013.