Single-family Home Prices Continue Upward Trend While Closing Activity Drops

Warwick, RI — May 25, 2018 – Rhode Island’s median single-family home price rose 10 percent at the beginning of the second quarter while closing activity began to constrict, falling nine percent compared to April of 2017. The supply of homes for sale fell to 3190 last month, from 3569 12 months earlier.

“There’s no doubt that the lack of inventory is hindering sales but thankfully, the supply of homes on the market has been rising since the beginning of the year, as we expected it would. Unfortunately, we’re not where we need to be yet but we’re heading in the right direction,” said Joe Luca, 2018 president of the Rhode Island Association of Realtors.

The year started out with a 2.7-month supply of homes for sale which rose to a 3.5-month supply by last month. A six-month supply is considered to be a housing market that is balanced between supply and demand.

Sales of single-family homes in process but not yet closed in April fell by 28 percent, a sign of weakening sales in the months ahead.

Condo Sales See Opposite Trends

The condominium sector saw opposite trends in April with a decrease in the year-over-year median sales price of 12 percent and a dramatic 25 percent increase in sales activity. More…

About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organization in Rhode Island with more than 5000 members in approximately 800 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted more than $5.1 billion in real estate sales last year.
Advocating for Rhode Island’s property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

The Association is one of more than 1,400 local boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America ‘s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

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