Condo Sales Increase 3.4 Percent, As Prices Rise
BOSTON, Aug. 4, 2015 – June sales of single-family homes in Rhode Island increased by 22.3 percent compared with the same month last year, according to the latest report by The Warren Group, publisher of Banker & Tradesman and The Commercial Record.
A total of 988 single-family homes sold compared with 808 in June 2014. This marked the highest number of sales for the month of June since 2006 and the first time sales have exceeded the 900-sale mark since 2007.
Median prices of single-family homes for the month decreased 2.5 percent, falling to $232,000 from $238,000 in June of 2014. This was the first time prices have decreased in the last six months.
“June is normally a strong month for sales,” said Timothy M. Warren Jr. of The Warren Group, “But this June really excelled with outstanding sales volume. It marks the third time this year that sales have increased by double-digit percentages, and year-to-date sales are up 10.4 percent. Buyers seem to be rushing to purchase homes again.”
A total of 153 condominiums sold in June, up 3.4 percent from 148 sold during the same month last year. The median price of condos increased 11.6 percent, rising to $214,900 compared with $192,500 in June of last year.
The Warren Group offers a range of real estate products, information services and printed publications, including 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.