November Home Sales Activity Up in RI

WARWICK, RI – Year over year gains in sales activity in Rhode Island’s single family home market were reported by the Rhode Island Association of Realtors today.  Both closed sales and sales under contract rose by double digit amounts in November.  Completed sales rose by 14 percent while pending sales increased ten percent from 12 months earlier.  Activity in the single family home market has risen steadily each month for the past year.

The median sales price of single family homes sold in November rose to $220,000, up from $207,500 in the prior year, a six percent increase. November’s solid sales numbers continue a trend that indicates that Rhode Island is experiencing one of the healthiest housing markets in years.

“Sales levels may have jumped a bit due to the impending rise in interest rates but I don’t foresee a substantial decrease in activity if we see a moderate rise in interest rates next year.  Unlike most of the country which experienced a sharp decline in inventory, Rhode Island’s housing market still has a good balance between supply and demand.  We haven’t seen a deep shortage of housing stock so we shouldn’t see prices skyrocket.  Even with the recent small increase in the federal rate, homes will remain affordable,” said Arthur Yatsko, president of the Rhode Island Association of Realtors.

The multi-family home market saw even stronger gains in November, with sales rising 33 percent and median price rising by 15 percent.  Sales under contract however, decreased almost four percent, indicating that a slowdown in sales activity is likely in the next few months.

While the condominium market saw a 15 percent increase in sales in November, the median sales price fell by 16 percent.  Even with a nine percent decrease in inventory in November, there was still a seven-month supply of condominiums for sale.  Buyers therefore, may have a slight edge.  A six-month supply is considered to be a balanced market by most industry experts.

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 4,400 members in approximately 750 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Islands 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 and who subscribe to a strict Code of Ethics.

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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