Single-family home sales in Rhode Island soar 23 percent

By The Associated Press

news@abc6.com 

WARWICK, R.I. (AP) _ The number of single-family homes sold in Rhode Island in March shot up by 23 percent when compared to the same month a year ago.

The Rhode Island Association of Realtors reported Monday that median prices rose by nearly 12 percent year over year to $230,000, while 750 transactions were completed, making it the busiest March in more than a decade.

Association President Arthur Yatsko says buyers are taking advantage of low mortgage rates and new lending programs, and even former homeowners hurt by the recession are qualifying.

The condominium market showed strong gains, with sales rising almost 10 percent in March, and the median sales price increasing nearly 17 percent to $201,500.

Sales of multi-family homes rose less than 2 percent, but median prices were up 10 percent.

(C) The Associated Press 2016