RI Single Family Home Sales Activity and Median Price Increase in Fourth Quarter

WARWICK, RI – Home sales statistics released today by the Rhode Island Association of Realtors showed a strong uptick in single family home sales in the fourth quarter of 2014. The number of homes sold during the last three months of the year rose six percent from the same time period in 2013. Median price also made a solid gain of eight percent, rising to $217,000 from $201,000 12 months earlier.

Though sales activity also picked up in the condominium sector, the growth was more moderate, rising three percent from the fourth quarter of 2013. Median sales price fell by the same percentage to $189,900.

Multi-family home sales activity remained relatively stable from October through December, with a one percent increase in sales year over year. The fourth quarter median sales price of multi-family properties rose six percent to $148,750.

“There was good traction in the market going into the New Year,” said Bruce Lane, 2015 President of the Rhode Island Association of Realtors. “Interest rates, which fell again to near record lows late last fall, helped housing affordability. Improving economic indicators also seemed to enhance consumer confidence.”