Rhode Island single-family home prices are up as sales slow

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PROVIDENCE, R.I. (AP) — The median price of a single-family home in Rhode Island has continued to rise as the number of sales has slowed down, according to the Rhode Island Association of Realtors.

The median price rose 12.7% in the past year, while the number of single-family home sales fell 22.3% year over year, according to association data. Pending sales also decreased slightly.

Agueda Del Borgo, association president, said the housing market will likely show more tempered activity in 2022 but the association still expects sales to remain strong.

There were similar trends in the condominium sector, but pending sales rose 10.8% year over year. The association said that could indicate that frustrated buyers in the single-family home market may be focusing on condominiums.

Sales of multifamily homes, on the other hand, did not slow. Sales rose by 8.8% percent and the median price increased 15% annually.

Categories: News, Regional News, Rhode Island