R.I. Single Family Home Sales Up 35 Percent in April

WARWICK, RI- On the heels of record-breaking activity in the first quarter, the Rhode Island Association of Realtors reported that Rhode Island’s housing sales remained strong in April.  Association data portrays a 34.7 percent year-over-year gain in single family home sales activity last month. April’s median sales price rose 21.4 percent to $241,000.

While sales activity has skyrocketed during the early months of 2016, a slowdown in sales under contract in April showed signs of impending market restraint. Pending sales, which were up by more than 16 percent in March from the previous year, and nearly 19 percent in February, increased by just 2.5 percent in April. Pending sales are typically the most current indicator of the market in the months to come.

The number of single family homes for sale also fell by 9.9 percent from the prior year, a sign that sales could be restrained by insufficient supply in the future. Anticipation of a June interest rate hike by the Federal Reserve however, may drive more buyers into the market, helping to maintain sales activity.

Read the full article and see accompanying statistics and infographics here.