RI Home Sales Start Off Strong in January

WARWICK, RI – Rhode Island’s housing market had a strong start for the year with single family homes sales rising nearly 12 percent and median price increasing 11 percent in January, despite home sales across the nation faltering last month. Rhode Island’s single family home median price – the midpoint of all sales with half selling for more and half selling for less – rose to $194,950 from $175,000 a year earlier.

Both sales volume and median price rose by eight percent in the multi-family market while the number of condominium sales remained the same from January, 2013 and median price rose three percent to $205,000.

Sales under contract but not yet closed were down from a year ago among single and multi-family homes, indicating that the Rhode Island market may be slightly trailing national numbers which showed slower sales last month.  The National Association of Realtors reported that  January experienced the lowest level of sales activity since July of 2012.

“The New Year started out with a bang but the supply of single family homes and condos has fallen.  That, along with the winter weather that we’ve had, could constrain sales in the next couple of months.  We’re confident that we’ll see the supply of homes for sale bounce back in the spring market,” said Robert Martin, 2014 President of the Rhode Island Association of Realtors.

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