NEW: Home Sales Rise Compared to Last Year

NEW: Home Sales Rise Compared to Last Year

Statistics released by the Rhode Island Association of Realtors indicate that Rhode Island home sales continued to rise last month compared to November 2010. Single family home, multi- family properties, and condominium sales all experienced an increase in year-over-year sales.

Single family home sales rose 6% from November 2010, with 533 sales total, and pending sales also increased, up 14% from the previous year. Distressed home sales, sales through short sale or foreclosure, remained stable at 117 sales.

Median unit price encountered a year-over-year decline of 8% to $193,000, but grew 6% compared to October 2011. Excluding distressed sales, the median price was $225,500.

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Condo sales rose 1%, along with a 6% increase in pending sales. Distressed sales rose 23% year-over-year, which contributed to a median unit price decline of 17%.

Multi-family property sales are up 11%, pending sales are up 4%, and distressed sales are up 11% from the previous year. Median price declined 4% compared to November 2010, but rose 20% from October 2011 to $120,000 per unit.