RI Single Family Home Sales Rise 14.5% in August

RI Single Family Home Sales Rise 14.5% in August

Rhode Island's single family home sales went up 14.5% in the month of August compared to 12 months earlier. Sales in process but not closed in August increased by 1.9%. 

“Rhode Island’s real estate market is still faring well. Talk continues about a rise in interest rates which has caused some potential buyers to begin their home search now rather than later. Others might be worried about a perceived change in the market caused by the outcome of the upcoming election, so they’re making a move now. Home sales have remained brisk in all sectors of the market,” said Arthur Yatsko, President of the Rhode Island Association of Realtors.

The median sales price of homes sold last month was $245,000, which is a 4.3% increase from that of August of 2015. 

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Single-family home sales have increased from the previous year every month since November of 2014. 

Condominium Sales 

Sales activity in the condominium sector also was strong, rising 18.7% since August of 2015. However, the median sales price of condominiums sold last month decreased to $199,749, a 2.4% decrease from the previous August. 

"Condominium sales are soaring. Some of the more stringent lending requirements that were holding up condo sales have been eliminated so buyers have more access to affordable units. That's a wonderful thing,” said Yatsko.