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Rhode Island’s Housing Market Solid Near Summer’s End

Warwick, RI, September 21, 2015…The Rhode Island Association of Realtors reported that single family home sales increased from the prior year for the ninth consecutive month in August, the longest running uptick in sales activity since 2012.  Median price also rose eight percent to $235,000 from August, 2014 and pending sales – homes under contract but not yet closed – increased 10 percent.  The increase in pending sales indicates that the upsurge in sales will continue into the fall.

The condominium and multi-family markets also fared well, with increases in both closing activity and median price.  Condominium sales increased by eight percent from 12 months earlier while the median sales price rose seven percent to $204,750.  Multi-family home sales soared 42 percent and the median price of those sales increased six percent to $179,900.

“The activity in August’s multi-family market is remarkable.  That sector of the market is heavily influenced by investors.  The possibility of the Federal Reserve increasing interest rates this fall could have been a big factor in the sharp increase in sales activity,” said Bruce Lane, President of the Rhode Island Association of Realtors.  “These days real estate can also seem like a more stable investment than the stock market,” he added.

While pending sales in the single home and condo markets continue to remain elevated above last year, multi-family homes under contract saw no change in August, foretelling more tempered activity in that sector of the market in the months to come.

Inventory remains near the six-month mark for all three categories of the housing market with the supply of single family homes and multi-family properties being slightly less than six months and the inventory of condominiums for sale being slightly more. Industry professionals consider a six-month supply of properties for sale to be a housing market which favors buyers and sellers equally.

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